Reference no: EM132884479
Question - The following are the selected 2X17 transactions of SEA Corporation:
Sept 1- Purchased inventory from Ems Company on account for P50,000. SEA records purchases gross and uses a periodic inventory system.
Oct. 1- Issued a P50,000, 12-month, 8% note to Ems in payment of the account.
Oct. 1- Borrowed P50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing P54,000 note.
1. Provide the journal entries for the selected transactions above.
2. Provide the adjusting entries for December 31.
3. What is the total net liability to be reported on December 31 for the interest-bearing note?
4. What is the total net liability to be reported on December 31 for the zero-interest-bearing note?
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