View Policies Current Attempt in Progress The following are selected 2020 transactions of Concord Corporation. Sept. 1 Oct. 1 Purchased inventory from Orion Company on account for $43,600, Concord uses a periodic inventory system. Issued a $43,600, 12-month, 8% note to Orion in payment of Concord's account. Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,200 note. 1 Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2020 year end. (Credit account tiples are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 1/21 Prepare the journal entries for the payment of the notes at maturity Assume no other accruals of interest were recorded since the December 31, 2020 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 1/21 (To record repayment of 8% note) Oct. 1/21 Accounts Payable Notes Payable (To accrue interest expense on non-interest-bearing note) Dat (To record repayment of 8% note) Oct. 1/21 Accounts Payable Notes Payable (To accrue interest expense on non-interest-bearing note) Oct. 1/21 Cash (To record repayment of non-interest-bearing note) e Textbook and Media List of Accounts Prepare the journal entries for the payment of the notes at maturity, assuming the company uses reversing entries. (Show the reversing entries at January 1, 2021.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Orion Note Jan. 1 Oct. 1 Bank Note Jan. 1 Oct. 1 Bank Note Jan. 1 Oct. 1 (To accrue interest expense on non-interest-bearing note) Oct. 1 (To record repayment of non-interest-bearing note)