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Prepare journal entries for the selected transactions

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

Sept. 1 Purchased Inventory from Encino Company an amount for $42,800. Pearl records purchases gross and uses a periodic Inventory system.

Oct. 1 Issued a $42,800, 12-month, 8% note to Encino in payment of account.

Oct. 1 Borrowed $42,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $47,760 note.

Required - Prepare journal entries for the selected transactions above.

Reference no: EM131692035

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