Exercise 13-2 The following are selected 2017 transactions of Ayayai Corporation. Sept. 1 Purchased inventory from Encino Company on account for $46,800. Ayayai records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Partially correct answer. Your answer is partially correct. Try again. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) Partially correct answer. 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 0 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.) Incorrect answer. Your answer is incorrect. Try again. Compute the total net liability to be reported on the December 31 balance sheet for: