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Preparing the adjusting entries for the interest expense

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

Sept. 1 Purchased inventory from Encino Company on account for $61,800. Bridgeport records purchases gross and uses a periodic inventory system.

Oct. 1 Issued a $61,800, 12-month, 8% note to Encino in payment of account.

Oct. 1 Borrowed $61,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $66,160 note.

Required - Preparing the adjusting entries for the interest expense and discount on notes payable.

Reference no: EM132571856

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