Current Attempt in Progress The following are selected 2020 transactions of Swifty Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $50,800. Swifty records purchases gross and uses a periodic inventory system. Issued a $50,800, 12-month, 8% note to Encino in payment of account. A Borrowed $50,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $55,160 note.

Current Attempt in Progress The following are selected 2020 transactions of Swifty Corporation. Sept. Purchased imventory from Encino Company on account for $50.800. Swifty records purchases gross and uses a periodic. 1 inventory system. Oct Isued a $50,800,12-month, 8w note to Encino in pument of account. Oct. Borrowed $50,800 from the Shore Bank by signing a 12 -month, zero-interest bearing $55,160 note - Your answer is partially corred Prepare journal entries for the selected transactions above. If no entry is required, select "No fntry' for the occount titles and enter 0 for the anounts. Credit accoust tities are astomatically indented when amount is entered. Do not indent moruelly. Fecord entries in the a Prepare adjusting entries at December 31 . (Uf no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automotically indented when amount is entered. Do not indent monually. Round answers to O decimal places, es. 5,125 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