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The following are selected 2025 transactions of Astin Corporation. Instructions

The following are selected 2025 transactions of Astin Corporation. Instructions a. Prepare journal entries for the selected

Question:

The following are selected 2025 transactions of Astin Corporation.

Instructions

a. Prepare journal entries for the selected transactions above.

b. Prepare adjusting entries at December 31.

c. Compute the total net liability to be reported on the December 31 balance sheet for:

1. The interest-bearing note.

2. The zero-interest-bearing note.

Transcribed Image Text:

Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,000. Astin records pur- chases gross and uses a periodic inventory system. Issued a $50,000, 12-month, 8% note to Encino in payment of account. Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note.

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a Sept 1 Accounts Payable Oct 1 Purchases Accounts Payable Notes Payable Cash Oct ...View the full answer

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My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional. Since 2012 I am providing home tutions.

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Related Book For answer-question

Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Jul 03, 2023 07:09 AM

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