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The following are selected 2023 transactions of Grouper Corporation. Sept. 1 Purchased inventory from Martinez Ltd. on account for $48,400. Grouper uses a periodic inventory

The following are selected 2023 transactions of Grouper Corporation. Sept. 1 Purchased inventory from Martinez Ltd. on account for $48,400. Grouper uses a periodic inventory system. Oct. 1 Issued a $48,400, 12-month, 8% note to Martinez in payment of Grouper's account. 1 Borrowed $75,100 from the bank by signing a 12-month, non-interest-bearing $80,700

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