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The following are selected 2017 transactions of Blue Corporation. Sept. 1 Purchased inventory from Encino Company on account for $44,800. Blue records purchases gross and

The following are selected 2017 transactions of Blue Corporation.

Sept. 1Purchased inventory from Encino Company on account for $44,800. Blue records purchases gross and uses a periodic inventory system.
Oct. 1Issued a $44,800, 12-month, 8% note to Encino in payment of account.
Oct. 1

Borrowed $44,800from the Shore Bank by signing a 12-month, zero-interest-bearing $49,760note.

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