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Blossom Corporation sells rock - climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2 0 2
Blossom Corporation sells rockclimbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of Blossom had the following transactions related to notes payable.
Sept. Issued a $ note to Pippen to purchase inventory. The month note payable bears interest of and is due December Blossom uses a perpetual inventory system.
Sept. Recorded accrued interestrior the Pippen note.
Oct. Issued a $month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February
Oct. Recorded accrued interest for the Pippen note and the Prime Bank note.
Nov. Issued a $ note and paid $ cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of and matures in months.
Nov. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note.
Dec. Paid principal and interest on the Pippen note.
Dec. Recorded accrued interest for the Prime Bank note and the vehicle note.
Post the above entries to the Notes Payable, Interest Payable, and Interest Expense accounts.
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