The following are selected 2020 transactions of Cullumber Corporation. Sept. Purchased inventory from Encino Company...
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The following are selected 2020 transactions of Cullumber Corporation. Sept. Purchased inventory from Encino Company on account for \$44,800. Cullumber fecordi purchases gross and uses a 1 periodicimventory system. Oct. Issued a $44,800,12-month, Bx note to Encino in payment of account. 1 . Qct. Borrowed \$44800 from the Shore Bank by signing a 12-month, zero-interest-bearing 349,700 nath. Prepse journsl entries for the selected transactions abovet di no entey is resulied, select 'No Entry' for the account bites and enter 0 for the omeunts. Credl occount titiet are outomstically indented when ancint is entered Do not lewent manualil Recond enteles in the order displayw in the problem statement.) onder dipioped in the probion stotement) 5,125] Compute the total net liability to be reported on the December 31 balance sheet for: (1) The interest-bearing note (2) The zerointerest-besting
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