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Exercise 13-02 (Part Level Submission) The following are selected 2020 transactions of Windsor Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company
Exercise 13-02 (Part Level Submission) The following are selected 2020 transactions of Windsor Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $43,600. Windsor records purchases gross and uses a periodic inventory system. Issued a $43,600, 12-month, 8% note to Encino in payment of account. Borrowed $43,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $48,600 note. (a) Your answer is correct. Prepare journal entries for the selected transactions above. (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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit September 1 Purchases 43,600 i > Accounts Payable 43,600 TOctober 1 Taccounts Payable T Notes Payable 43,600 October 1 Cash 43.600 Discount on Notes Payable I Notes Payable 48,600 SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 1 of 5 used (b) Your answer is partially correct. Try again. Prepare adjusting entries at December 31. (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. Round answers to o decimal places, e.g. 5,125.) Debit Credit Date Account Titles and Explanation December 31 (To record interest on the note) December 31 (To record discount on the note)
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