The following are selected 2025 transactions of Sunland Corporation. Sept. 1 Oct. 1 Purchased inventory from Encino Company on account for $30,000. Sunland records purchases gross and uses a periodic inventory system. Issued a $30,000, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $30,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $32,400 note. (a) Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Account Titles and Explanation Date September 1 Purchases Debit Credit 30000 Accounts Payable October 1 Accounts Payable Notes Payable October 1 Cash 30000 30000 Discount on Notes Payable 2400 Notes Payable 30000 30000 32400 SUPPOR (b) Your answer is incorrect. Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,125. List all debit entries before credit entries.) Date Account Titles and Explanation December 31 Debit Credit December 31 (To record interest on the note) (To record discount on the note) eTextbook and Media