The following are selected 2020 transactions of Crane Corporation. Sept. Purchased inventory from Encino Company on account for $46,800 Crane records purchases gross and uses a periodic 1 inventory system Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 (a) Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 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 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.)
The following are selected 2020 transactions of Crane Corporation. Sept. Purchased inventory from Encino Company on account for $46,800 Crane records purchases gross and uses a periodic 1 inventory system Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 (a) Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 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 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.)
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 4P
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