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Exercise 13-2 (Part Level Submission) The following are selected 2017 transactions of Stellar Corporation Purchased inventory from Encino Company on account for $39,600. Stellar records

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Exercise 13-2 (Part Level Submission) The following are selected 2017 transactions of Stellar Corporation Purchased inventory from Encino Company on account for $39,600. Stellar records purchases gross and uses a periodic inventory system. Issued a $39,600, 12-month, 8% note to Encino in payment of account. Borrowed $39,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $43,120 note. Sept. 1 Oct. 1 Oct. 1

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