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(Solved): The following are selected 2020 transactions of Skysong Corporation. Sept. 1 Purchased inventory fr ...




The following are selected 2020 transactions of Skysong Corporation.
Sept. 1 Purchased inventory from Ripken Company on accou
periodic inwentory system.
Oct. 1 Issued a \( \$ 141,000,12 \)-month, \( 12 \% \) note to Ripken in payment of account.
Oct.
The following are selected 2020 transactions of Skysong Corporation. Sept. 1 Purchased inventory from Ripken Company on account for \( \$ 141.000 \). Skysongrecords purchases gross and uses a periodic inventory system: Oct.1 Issueda \( \$ 141,000,12 \) month: \( 12 \% \) note to Rigken in dayment of account. Oct.1 Borrowed \( \$ 141.000 \) from the Shore Bank by signing a 12 -monthizero-interest-bearing \( \$ 162.000 \) note. (a) Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the occount tities. and enter 0 for the omounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) periodic inwentory system. Oct. 1 Issued a \( \$ 141,000,12 \)-month, \( 12 \% \) note to Ripken in payment of account. Oct. 1 Borrowed \( \$ 141,000 \) from the Shore Bank by signing a 12-month, zero-interest-bearing \( \$ 162,000 \) note. (a). Prepare journal entries for the selected transactions above (If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not ladent manually. Record entries in the order displayed in the problem statement.)


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