Business, 05.02.2021 21:30 katlynnschmolke

The following are selected 2017 transactions of Sean Astin Corporation. Sept. 1Purchased inventory from Encino Company on account for $50,000. Astin records purchase gross and uses a periodic inventory system. Oct. 1Issued a $50,000, 12-month, 8% note to Encino in payment of the account. Oct. 1Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. a. Prepare journal entries for the selected transactions above. b. Prepare adjusting entries at December 31.c. Compute the total net liability to be reported on the December 31 balance sheet for:(1) The interest-bearing note.(2) The zero-interest-bearing note.

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The following are selected 2017 transactions of Sean Astin Corporation. Sept. 1Purchased inventory f...

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