Business, 19.05.2021 18:30 BluSeaa

The following are selected 2020 transactions of 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 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note.
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.

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The following are selected 2020 transactions of Astin Corporation. Sept. 1 Purchased inventory from...