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Compute the total net liability to be reported on the

E13-2 (Accounts and Notes Payable) The following are selected 2014 transactions of Sean Astin Corporation.
Sep 1 Purchased inventory from Encino Company on account for $50,000 Astin records purchases gross and uses a periodic inventory system

Oct 1 Issued a $50,000 12-month, 8% note to Encino in payment of account.

Oct 1 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest- bearing $54,000 note

Instructions

(a) Prepare journal entries for the selected transactions above.

(b) Prepare adjusting entries at December 31.

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Accounting Basics: Compute the total net liability to be reported on the

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Accounting Basics: Compute the total net liability to be reported on the

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