(Answered) Accounts and notes payable the following are selected 2010

Accounting

Accounts and Notes Payable the following are selected 2010 transactions of Darby Corporation.

Sept. 1 Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $50,000, 12-month, 8% note to Orion in payment of account.
Oct. 1 Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $81,000 note.

(a) Prepare journal entries for the selected transactions above.

(b) Prepare adjusting entries at December 31.

(1) The interest-bearing note.

(2) The zero-interest-bearing note.

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