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The following are selected 2025 transactions of Cheyenne Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $66,000. Cheyenne records purchases gross and uses a periodic inventory systern. Issued a $66,000, 12-month, 8% note to Encino in payment of account. Borrowed $66,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $71,280 note.

The following are selected 2025 transactions of Cheyenne Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $66,000. Cheyenne records purchases gross and uses a periodic inventory systern. Issued a $66,000, 12-month, 8% note to Encino in payment of account. Borrowed $66,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $71,280 note.

FINANCIAL ACCOUNTING
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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The following are selected 2025 transactions of Cheyenne Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $66,000. Cheyenne records purchases gross and uses a periodic inventory system. Issued a $66,000, 12-month, 8% note to Encino in payment of account. Borrowed $66,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $71,280 note. 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:The following are selected 2025 transactions of Cheyenne Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $66,000. Cheyenne records purchases gross and uses a periodic inventory system. Issued a $66,000, 12-month, 8% note to Encino in payment of account. Borrowed $66,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $71,280 note. 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Prepare adjusting entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation December 31 December 31 (To record interest on the note) (To record discount on the note) SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the total net liability to be reported on the (1) The interest-bearing note (2) The zero-interest-bearing note Debit Credit balance sheet for:
Transcribed Image Text:Prepare adjusting entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation December 31 December 31 (To record interest on the note) (To record discount on the note) SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the total net liability to be reported on the (1) The interest-bearing note (2) The zero-interest-bearing note Debit Credit balance sheet for:
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