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The following are selected 2020 transactions of Sheridan Corporation. Sept. 1 Oct. 1 Purchased inventory from Encino Company on account for $39,400. Sheridan records

The following are selected 2020 transactions of Sheridan Corporation. Sept. 1 Oct. 1 Purchased inventory from Encino Company on account for $39,400. Sheridan records purchases gross and uses a periodic inventory system. Issued a $39,400, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $39,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,720 note.

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