The following are selected 2020 transactions of Sage Corporation. Sept. 1 Purchased inventory from Encino Company on account for $52,000. Sage records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $52,000, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $52,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $56,400 note.

+ Chapter 13 Homework Question 1 of 5 ./1 E View Folicies Current Attempt in Progress The following re selected 2020 of 5 Corporation Sept 1 Purchased inventory from Encino Company on account for $32,000. Sage records purchases gross and uses a periodic inventory system Oct 1 Issued a $52.000, 12-month, note to Encina in payment of account Oct 1 Borrowed $52,000 from the Shore Bank by signing a 12 month, zero wterest bearing 555.400 note , . Prepare journal entries for the selected transactions above. Y no entry is required, select "No Entry for the account titles and entero for the amounts Credit accountitles 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 October eTextbook and Media List of Accounts Prepare adjusting entries at December 31. Of no entry is required, select "No Entry for the accountitles and enter for the amounts Credit account titles are automatically indeed when amount is entered. Do not indent manually. Round answers to decimal places.es 5,125 Date Account Titles and Explanation Debit Credit December 31 (To record interest on the note December 31 to record dont on the note) eTextbook and Media List of Accounts Compute the total retlibility to be reported on the December 31 balance sheet for: 11) The interest-bearing note $ 12) The ero interest-bearing note $ eTextbook and Media List of Accounts Saw Attempts:0 of 4 used SA