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The following are selected 2023 transactions of Bramble Corporation. Sept. 1 Purchased inventory from Bramble Ltd. on account for $51,600. Bramble uses a periodic inventory

image text in transcribed The following are selected 2023 transactions of Bramble Corporation. Sept. 1 Purchased inventory from Bramble Ltd. on account for $51,600. Bramble uses a periodic inventory system. Oct. 1 Issued a $51,600,12-month, 9% note to Bramble in payment of Bramble's account. 1 Borrowed $79,800 from the bank by signing a 12-month, non-interest-bearing $81,300 note. (a) Your answer is correct. Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2023 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Attempts: 1 of 5 used (b1) Prepare the journal entries for the payment of the notes at maturity, assuming the Bramble uses reversing entries. (Show the reversing entries at January 1, 2024.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

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