The following are selected 2017 transactions of Novak Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $55,600. Novak records purchases gross and uses a periodic inventory system. Issued a $55,600, 12-month, 8% note to Encino in payment of account. Borrowed $55,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $59,960 note. 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.) Date Account Titles and Explanation Debit Credit September 1 Purchases 55,600 Accounts Payabk 55,600 Accounts Payabl October 1 55,600 Notes Payable 55,600 October 1 Cash 55,600 Discount on Note 4,360 Notes Payable 59,960 Prepare adjusting entries at December 31. (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. Round answers to O decimal places, e.g 5,125.) Date Account Titles and Explanation December 31 Debit Credit (To record interest on the note) December 31 To record discount on the note)