The following are selected 2020 transactions of Blossom Corporation. Sept. 1 Oct. 1 Oct. 1 (a)...

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The following are selected 2020 transactions of Blossom Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $58,600. Blossom records purchases gross and uses a periodic inventory system. Issued a $58,600, 12-month, 8% note to Encino in payment of account. Borrowed $58,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $63,720 note. 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the 11 (b) Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter O 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 Account Titles and Explanation December 31 December 31 (To record interest on the note) (To record discount on the note) Debit Credit The following are selected 2020 transactions of Blossom Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $58,600. Blossom records purchases gross and uses a periodic inventory system. Issued a $58,600, 12-month, 8% note to Encino in payment of account. Borrowed $58,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $63,720 note. 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the 11 (b) Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter O 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 Account Titles and Explanation December 31 December 31 (To record interest on the note) (To record discount on the note) Debit Credit

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