Question: very urgent Described below are certain transactions of Atlantic Company for 2020 On April 10, the company purchased goods from Alfa Company for $80,000, terms

very urgent 2020 On April 10, the company purchased goods from Alfa Company for

Described below are certain transactions of Atlantic Company for 2020 On April 10, the company purchased goods from Alfa Company for $80,000, terms 2/15./30. Purchases and accounts payable are markecorded at yous amounts and the company uses a periodic inventory system. The invoice was paid on April 18 On May 1, the company purchased equipment for $70,000 from Electro Company, paying $20.000 in cash and giving a one year. 94 note for the balance On September 30, the company borrowed 5108,000, by signing a one-year zero interest bearing 5133.000 note at First State Bank Required: a. Prepare the journal entries necessary to record the transactions above using appropriate dates. Marks) Prepare the adjusting entries necessary at December 3, 2020 in order to properly report interest expense related to the above transactions. Assume straight line amortion (Round your answers to the nearest whole number).(2 Marks)

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