Compute the total net liability to be reported on the December $31$ balance sheet for:The following are selected $2025$ transactions of Oride Corperation.

Sept. $1$ Aurchased imentory from Encino Compary on account for $$75,000$ Oricle reconds purchases gross and uses a period

inventory system.

Oct $1$ lused a $$75,000.12-$month as note to fincino in payment of account.

Oct $1$ Eorrowed $$75,000$ Irom the Shore Bank by stzning a $12-$month zero$-$interest$-$bearing $$31,000$ note.

$($a$)$

$$75,000$

Your afiwer is correct.

Prepare journal entries for the selected tranactions above. of no erery is requined, seliect $"$No Entry" for the occount thies and enter $0$

for the amounts. Oredit account Blies are aubomatically indented when amount is endered. Do not indent manualk. Record entries in bhe

order disploped is the groblem statemenc. List all deblet entrles before credit entries.