The following are selected 2023 transactions of Blue Spruce Corporation. Sept. 1 Oct. 1 1 (a) Purchased inventory from Swifty Ltd. on account for $55,200. Blue Spruce uses a periodic inventory system. Issued a $55,200, 12-month, 8% note to Swifty in payment of Blue Spruce's account. Borrowed $76,200 from the bank by signing a 12-month, non-interest-bearing $81,500 note. Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation (Settlement of accounts payable by issuing a note) (Borrowed cash and issued a note) Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following are selected 2023 transactions of Blue Spruce Corporation.
Sept. 1
Oct. 1
(a)
1
Purchased inventory from Swifty Ltd. on account for $55,200. Blue Spruce uses a periodic inventory system.
Issued a $55,200, 12-month, 8% note to Swifty in payment of Blue Spruce's account.
Borrowed $76,200 from the bank by signing a 12-month, non-interest-bearing $81,500 note.
Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles
and enter o for the amounts.)
Date
Account Titles and Explanation
(Settlement of accounts payable by issuing a note)
(Borrowed cash and issued a note)
Debit
Credit
Transcribed Image Text:The following are selected 2023 transactions of Blue Spruce Corporation. Sept. 1 Oct. 1 (a) 1 Purchased inventory from Swifty Ltd. on account for $55,200. Blue Spruce uses a periodic inventory system. Issued a $55,200, 12-month, 8% note to Swifty in payment of Blue Spruce's account. Borrowed $76,200 from the bank by signing a 12-month, non-interest-bearing $81,500 note. Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation (Settlement of accounts payable by issuing a note) (Borrowed cash and issued a note) Debit Credit
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