The following are selected $2025$ transactions of Flounder Corporation.

Sept. $1$ Purchased inventory from Encino Company on account for $$55,500.$ Flounder records purchases gross and uses a periodic inventory system.

Oct. $1$ Issued a $$55,500,12-$month, $8\%$ note to Encino in payment of account.

Oct. $1$ Borrowed $$55,500$ from the Shore Bank by signing a $12-$month, zero$-$interest$-$bearing $$59,940$ note.