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Discuss purchases gross and uses a periodic inventory system

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Reference no: EM131771689

The following are selected 2017 transactions of Blue Corporation.

Sept. 1 Purchased inventory from Encino Company on account for $44,800. Blue records purchases gross and uses a periodic inventory system.

Oct. 1 Issued a $44,800, 12-month, 8% note to Encino in payment of account.

Oct. 1 Borrowed $44,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,760 note.

Reference no: EM131771689

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