Prepare journal entries for the selected transactions Sept. 1 - Purchased inventory from Orion Company on account for $60,000. Darby records purchases gross and uses a periodic inventory system. Dr Cr Oct. 1 - Issued a $60,000, 12-month, 8% note to Orion in payment of account. Dr Cr Oct. 1 - Borrowed $85,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $92,000 note. Dr Cr

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare journal entries for the selected transactions
Sept. 1 - Purchased inventory from Orion Company on account for $60,000. Darby records
purchases gross and uses a periodic inventory system.
Dr
Cr
Oct. 1 - Issued a $60,000, 12-month, 8% note to Orion in payment of account.
Dr
Cr
Oct. 1 - Borrowed $85,000 from the Shore Bank by signing a 12-month, zero-interest-bearing
$92,000 note.
Dr
Cr
Transcribed Image Text:Prepare journal entries for the selected transactions Sept. 1 - Purchased inventory from Orion Company on account for $60,000. Darby records purchases gross and uses a periodic inventory system. Dr Cr Oct. 1 - Issued a $60,000, 12-month, 8% note to Orion in payment of account. Dr Cr Oct. 1 - Borrowed $85,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $92,000 note. Dr Cr
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