Intermediated Accounting II Wiley Plus Week 4 (Exercise 13-2 Part Level) QC

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Exercise 13-2 (Part Level Submission) The following are selected 2017 transactions of Flounder Corporation. Sept. 1 Oct. 1 Oct. 1 Purchased inventory from Encino Company on account for $37,400. Flounder records purchases gross and uses a periodic inventory system. Issued a $37,400, 12-month, 8% note to Encino in payment of account. Borrowed $37,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $40,800 note. Don't show me this message again for the assignment (a) Your answer is correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit EAT_1454132492 September 1 Purchases 37400 Accounts Payable 37400 EAT_1454132492 October 1 Accounts Payable 37400 Notes Payable October 1 Cash Discount on Note 37400 37400 3400 Notes Payable 40800 Don't show me this message again for the assignment Show List of Accounts Show Answer Link to Text Attempts: 1 of 3 used (b) Your answer is correct. Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date December 31 Account Titles and Explanation Interest Expense Debit Credit 748 Interest Payable 748 (To record interest on the note) December 31 Interest Expense Discount on Note (To record discount on the note) 850 850 Don't show me this message again for the assignment Show List of Accounts Show Solution Show Answer Link to Text Attempts: 1 of 3 used (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