The following are selected 2014 transactions of sean astin, Ask an Expert

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The following are selected 2014 transactions of Sean Astin Corporation:

Sept. 1, Purchased inventory from Encino Company on account for $59,150. Astin records purchases gross and uses a periodic inventory system.

Oct. 1, Issued a $59,150, 12-month, 8% note to Encino in payment of account.

Oct. 1, Borrowed $91,620 from the Shore Bank by signing a 12-month, zero-interest-bearing $98,380 note.

Prepare journal entries for the selected transactions above:

Prepare adjusting entries at December 31:

Compute the total net liability to be reported on the December 31st balance sheet for:

1) the interest bearing note:

2) the zero interest bearing note:

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91976205

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