Question

CALCATO PRONTER VER BREN MEXT The following are selected 2017 transactions of Teal Corporation. Set 1 Purchased inventory from Encino Company on account for $58,800. Teal records purchases gross and uses a periodic inventory system. Issued a $58,800, 12-month, 8% note to Encino in payment of account. 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)

Answer 1

ournal entieg fCountt ite and Eplonalen creditt) Delit( t Dale sept ol Puachayes $58800 ACcot payable (Encho opony) Account paable ( €núno Compen 458800 octol $58800 sy.Hol payalde Cash 588D0 o나.이, $2960 discout an nutëu payade 61760 Nobu payable hoye bank) Adguitng enties en decenler. 2): Aecount itle and emplantion Esals Dest) Oate nteret capenyel58800x8X x Dec 31 176 Inerat pyable 140 Interesh enpense Dec 31 $740 Discount not ryable 41960x,)