NOT A GRADED ASSIGNMENT The following are selected 2023 transactions of Concord Corporation.Sept. 1Oct. 11(a)Purchased inventory from Bramble Ltd. on account for $43,600. Concord uses a periodic inventory system.Issued a $43,600, 12-month, 8% note to Bramble in payment of Concord's account.Borrowed $76,800 from the bank by signing a 12-month, non-interest-bearing $80,200 note.Prepare journal entries for the selected transactions above. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts)DateDateAccount Titles and Explanationv(Settlement of accounts payable by issuing a note)b. Prepare adjusting entries at December 31, 2023(Borrowed cash and issued a note)Account Titles and Explanation(To accrue interest expense on 8% note)(To accrue interest expense on non-interest-bearingnote)DebitDebitCreditCreditc. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) theinterest-bearing note, and (2) the non-interest-bearing note.(1) The interest-bearing note(2) The non-interest-bearing note

An entity makes cash purchases and purchases on account. When an entity purchases on account the…

The following are selected 2023 transactions of Concord Corporation Purchased inventory from Bramble Lnd on account for $43.600 Concord uses a periodic inventory system Issued a $43.600 12-month note to Bramble in payment of Concord's account Oct 1 1 Borrowed $76.000 from the bank by signing a 12-month non-interest-bearing $60.200 note (a) Prepare journal entries for the selected transactions above (Credit account sites are automatically indented when the amounts entered. Do not indent manuallyList all debit entries before credit entries. Eno entry is required, select "No Entry" for the accounties and enter for the amounts) Date Account Titles and Explanation (Settlement of accounts payable by sung) Debit Credit c. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) the interest-bearing note, and (2) the non-interest-bearing note. (1) The interest-bearing note (2) The non-interest-bearing note

The following are selected 2023 transactions of Concord Corporation Purchased inventory from Bramble Lnd on account for $43.600 Concord uses a periodic inventory system Issued a $43.600 12-month note to Bramble in payment of Concord's account Oct 1 1 Borrowed $76.000 from the bank by signing a 12-month non-interest-bearing $60.200 note (a) Prepare journal entries for the selected transactions above (Credit account sites are automatically indented when the amounts entered. Do not indent manuallyList all debit entries before credit entries. Eno entry is required, select "No Entry" for the accounties and enter for the amounts) Date Account Titles and Explanation (Settlement of accounts payable by sung) Debit Credit c. Calculate the net liability, in total, to be reported on the December 31, 2023 SFP for (1) the interest-bearing note, and (2) the non-interest-bearing note. (1) The interest-bearing note (2) The non-interest-bearing note

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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