ACCOUNTING 211-The following are selected 2017 transactions of Cheyenne Corporation
The following are selected 2017 transactions of Cheyenne Corporation.
Sept. 1 Purchased inventory from Encino Company on account for $46,400. Cheyenne records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $46,400, 12-month, 8% note to Encino in payment of account.
Oct. 1 Borrowed $46,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,560 note.
