The following are selected 2017 transactions of Flint Corporation, which has a calendar year end. Sept. 1 Purchased inventory from Orion Company on account for $59,900. Flint uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Oct. 1 Issued a $59,900, 12-month, 8% note to Orion in payment of Flint's account. 1 Borrowed $79,800 from the bank by signing a 12-month, non-interest-bearing $80,700