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Hi I need help with the assignment attached but only part C thanks Exercise 13-2 (Part Level Submission) The following are selected 2017 transactions of
Hi I need help with the assignment attached but only part C thanks
Exercise 13-2 (Part Level Submission) The following are selected 2017 transactions of Blue Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $58,800. Blue records purchases gross and uses a periodic inventory system. Issued a $58,800, 12-month, 8% note to Encino in payment of account. Borrowed $58,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $61,760 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 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.) Date September 1 Account Titles and Explanation Purchases Debit 58800 Accounts Pay October 1 Accounts Pay 58800 58800 Notes Payable October 1 Cash Discount on N Notes Payable SHOW LIST OF ACCOUNTS SHOW ANSWER Credit 58800 58800 2960 61760 LINK TO TEXT Attempts: 2 of 3 used (b) Your answer is correct. 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.) Date Account Titles and Explanation December 31 Interest Expen Debit Credit 1176 Interest Payab 1176 (To record interest on the note) December 31 Interest Expen Discount on N 740 740 (To record discount on the note) SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (c) Your answer is incorrect. Try again. Compute the total net liability to be reported on the December 31 balance sheet for: $ (1) The interest-bearing note 62936 $ (2) The zero-interest-bearingStep by Step Solution
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