The following are selected 2020 transactions of Crane Corporation. Sept. Purchased inventory from Encino Company on account for $46,800 Crane records purchases gross and uses a periodic 1 inventory system Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 (a) Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)

The following are selected 2020 transactions of Crane Corporation. Sept. Purchased inventory from Encino Company on account for $46,800 Crane records purchases gross and uses a periodic 1 inventory system Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 (a) Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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