Business, 17.02.2020 23:14 Chrissyx5215
Exercise 13-02 The following are selected 2020 transactions of Sandhill Corporation.
Sept.1 Purchased inventory from Encino Company on account for $52,000. Sandhill records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $52,000, 12-month, 8% note to Encino in payment of account.
Oct. 1 Borrowed $52,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $56,400 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:
i. The interest-bearing note
ii. The zero-interest-bearing note
Answers: 2
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Exercise 13-02 The following are selected 2020 transactions of Sandhill Corporation.
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