The following are selected 2020 transactions of Cheyenne Corporation. Sept. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,800. Cheyenne records purchases gross and uses a periodic inventory system. Issued a $50,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $50,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $55,160 note. 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 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 tember 1 Purchases Accounts Payable :ober 1 Accounts Payable Notes Payable Cash Debit 50,800 50,800 50,800 Discount on Notes Payable 4360 Notes Payable eTextbook and Media List of Accounts Your answer is correct. Credit 50 50 55 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 Interest Expense 31 Interest Payable (To record interest on the note) December Interest Expense 31 Discount on Notes Payable (To record discount on the note) eTextbook and Media List of Accounts Your answer is partially correct. Debit Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note 51816 (2) The zero-interest-bearing note $ 49710 1016 1090 Credit 1016 1090