Question
The following are selected 2023 transactions of Swifty Corporation. Sept. 1 Oct. 1 1 Purchased inventory from Culver Ltd. on account for $57,200. Swifty uses
The following are selected 2023 transactions of Swifty Corporation. Sept. 1 Oct. 1 1 Purchased inventory from Culver Ltd. on account for $57,200. Swifty uses a periodic inventory system. Issued a $57,200, 12-month, 8% note to Culver in payment of Swifty's account. Borrowed $76,200 from the bank by signing a 12-month, non-interest-bearing $81,300 note. Prepare the journal entries for the payment of the notes at maturity, assuming the Swifty 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 O for the amounts. Record journal entries in the order presented in the problem.)
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