The following are selected 2025 transactions of Whispering Corporation.Sept. 1Oct. 1Oct. 1(a)✓(b)Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses aperiodic 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.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 Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in theorder displayed in the problem statement. List all debit entries before credit entries.)>Account Titles and Explanationpurchasesaccounts payableAccounts PayableDecember31Notes PayablecashDiscount on Notes Payablenotes payableeTextbook and MediaList of AccountsDate Account Titles and ExplanationDecember31(To record interest on the note)Debit(To record discount on the note)39000Debit39000390003120CreditPrepare adjusting entries at December 31. (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. Round answers to 0 decimal places, e.g.5,125. List all debit entries before credit entries.)3900039000Credit42120Attempts: 1 of 3 used

Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 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.

The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 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.

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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