The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a periodic inventory system. Issued a $39,000, 12-month, 8% note to Encino in payment of account. Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 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
The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a periodic inventory system. Issued a $39,000, 12-month, 8% note to Encino in payment of account. Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 2RE: Use the same information in RE9-1 except that the note is not interest bearing. Assume that the note...
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![The following are selected 2025 transactions of Whispering Corporation.
Sept. 1
Oct. 1
Oct. 1
(a)
Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a
periodic inventory system.
Issued a $39,000, 12-month, 8% note to Encino in payment of account.
Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F21a4f907-aa38-4c82-a3ba-4693caa353b8%2Fbb118c6e-abe5-408e-8b1b-d0bc50c617c8%2F7jp0yetb_processed.png&w=3840&q=75)
Transcribed Image Text:The following are selected 2025 transactions of Whispering Corporation.
Sept. 1
Oct. 1
Oct. 1
(a)
Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a
periodic inventory system.
Issued a $39,000, 12-month, 8% note to Encino in payment of account.
Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 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
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