Question: Please answer each question with proper labels and their subparts in Excel format with any required formulas for a great rating. Thank you! XLS 1

Please answer each question with proper labels and their subparts in

Please answer each question with proper labels and their subparts in Excel format with any required formulas for a great rating. Thank you!

XLS 1 E13-2 (Accounts and Notes Payable) The following are selected 2014 transactions of Sean Astin Corporation. Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000, 12-month, 8% note to Encino in payment of account. Oct. 1 Bomowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. 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

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