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E12.2 (LO 1) Excel (Accounts and Notes Payable) The following are selected 2025 transactions of Astin Corporation. Sept. 1 Purchased inventory from Encino Company on

E12.2 (LO 1) Excel (Accounts and Notes Payable) The following are selected 2025 transactions of Astin Corporation. Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000,12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. Instructions a. Prepare journal entries for the selected transactions above. b. Prepare adjusting entries at December 31 . c. Compute the total net liability to be reported on the December 31 balance sheet for: 1. The interest-bearing note. 2. The zero-interest-bearing

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