The following are selected 2020 transactions of Wildhorse Corporation. Purchased inventory from Encino Company on account for $59,600. Wildhorse recordş purchases gross and uses a periodic inventory system. Sept. 1 Oct. Issued a $59,600, 12-month, 8% note to Encino in payment of account. 1 Oct. Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,480 note. 1
The following are selected 2020 transactions of Wildhorse Corporation. Purchased inventory from Encino Company on account for $59,600. Wildhorse recordş purchases gross and uses a periodic inventory system. Sept. 1 Oct. Issued a $59,600, 12-month, 8% note to Encino in payment of account. 1 Oct. Borrowed $59,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $62,480 note. 1
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 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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