Described below are certain transactions of Whispering Corporation. The company uses the periodic inventory system.

On February $2,$ the corporation purchased goods from Coronado Company for $$70,700$ subject to cash discount terms of $\frac{2}{10},\frac{n}{30}.$ Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February $26.$

On April $1,$ the corporation bought a truck for $$46,000$ from Ivanhoe Motors Company, paying $$3,000$ in cash and signing a year, $10\%$ note for the balance of the purchase price.

On May $1,$ the corporation borrowed $$86,700$ from Chicago National Bank by signing a $$95,340$ zero$-$interest$-$bearing not due $1$ year from May $1.$

a$)$

Make all the journal entries necessary to record the transactions above using appropriate dates. $($If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

CreditDescribed below are certain transactions of Whispering Corporation. The company uses the periodic inventory system.

On February $2,$ the corporation purchased goods from Coronado Company for $$70,700$ subject to cash discount terms of $\frac{2}{10},\frac{n}{30}.$ Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February $26.$

On April $1,$ the corporation bought a truck for $$46,000$ from Ivanhoe Motors Company, paying $$3,000$ in cash and signing a year, $10\%$ note for the balance of the purchase price.

On May $1,$ the corporation borrowed $$86,700$ from Chicago National Bank by signing a $$95,340$ zero$-$interest$-$bearing not due $1$ year from May $1.$

a$)$

Make all the journal entries necessary to record the transactions above using appropriate dates. $($If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit