The following are selected 2017 transactions of Marin Corporation. Sept.1 Purchased inventory from Encino Company on account
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The following are selected 2017 transactions of Marin Corporation.
Sept.1
Purchased inventory from Encino Company on account for $61,800. Marin 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.
Compute the total net liability to be reported on the December 31 balance sheet for:
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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