Exercise 13-02 The following are selected 2020 transactions of Cullumber Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,800. Cullumber records purchases gross and uses a periodic inventory system. Issued a $50,800, 12-month, 8% note to Encino in payment of account. Borrowed $50,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $55,160 note. 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 October 1 SHOW LIST OF ACCOUNTS LINK TO TEXT 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 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit December 31 (To record interest on the note) December 31 (To record discount on the note) Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note s (2) The zero-interest-bearing notes Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT