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The following are selected 2020 transactions of Sweet Corporation. Sept. 1 Purchased inventory from Encino Company on account for $52,000. Sweet records purchases gross and

The following are selected 2020 transactions of Sweet Corporation.

Sept. 1 Purchased inventory from Encino Company on account for $52,000. Sweet 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.

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