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Hello, I need some help figuring out how to record these journal entries for this accounting problem. Thank you! The following are selected 2025 transactions
Hello, I need some help figuring out how to record these journal entries for this accounting problem. Thank you!
The following are selected 2025 transactions of Sunland Corporation. Sept. 1 Purchased inventory from Encino Company on account for $30,000. Sunland records purchases gross and uses a periodic inventory system. Oct. 1 Oct. 1 Issued a $30,000, 12-month, 8% note to Encino in payment of account. Borrowed $30,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $32,400 note. (a) 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit SUPPORT
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