The following are selected 2017 transactions of MartinezCorporation.
Sept. 1
Purchased inventory from Encino Company on account for $55,600.Martinez records purchases gross and uses a periodic inventorysystem.
Oct. 1
Issued a $55,600, 12-month, 8% note to Encino in payment ofaccount.
Oct. 1
Borrowed $55,600 from the Shore Bank by signing a 12-month,zero-interest-bearing $59,960 note.
(a)
Prepare journal entries for the selected transactions above.(If no entry is required, select “No Entry” for theaccount titles and enter 0 for the amounts. Credit account titlesare automatically indented when amount is entered. Do not indentmanually. Record entries in the order displayed in the problemstatement.)
Date
Account Titles and Explanation
Debit
Credit
September 1October 1EAT_1454132492995_1_213001400274239
Cash
55,600
Inventory
55,600
September 1October 1EAT_1454132492995_1_797676280595348
Notes Payable
Interest Payable
October 1
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