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Prepare journal entries for the selected transactions

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Question - The following are selected 2017 transactions of Blue Corporation.

Sept. 1 Purchased inventory from Encino Company on account for $58,800. Blue records purchases gross and uses a periodic inventory system.

Oct. 1 Issued a $58,800, 12-month, 8% note to Encino in payment of account.

Oct. 1 Borrowed $58,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $61,760 note.

Prepare journal entries for the selected transactions above.

Reference no: EM131641118

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