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The following are selected 2020 transactions of Pina Corporation. Sept. 1 Oct. Purchased inventory from Encino Company on account for $52,000. Pina records purchases
The following are selected 2020 transactions of Pina Corporation. Sept. 1 Oct. Purchased inventory from Encino Company on account for $52,000. Pina records purchases gross and uses a periodic inventory system. Issued a $52,000, 12-month, 8% note to Encino in payment of account. 1 Oct. 1 Borrowed $52,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $56,400 note.
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
