The following are selected 2020 transactions of Monty Corporation Sept. 1 Oct. 1 Purchased inventory from Orion Ltd. on account for $47,600. Monty uses a periodic inventory system. Issued a $47,600, 12-month, 9% note to Orionin payment of Monty's account. Borrowed $75,900 from the bank by signing a 12-month, non-interest-bearing $80,400 note. 1 Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (Purchase on account) (Settlement of accounts payable by issuing a note) Date Account Titles and Explanation Debit Credit (Purchase on account) (Settlement of accounts payable by issuing a note) - (Borrowed cash and issued a note) Prepare adjusting entries at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To accrue interest expense on 9% note) (To accrue interest expense on non-interest-bearing note)