Question
Crane Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Crane had the following
Crane Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Crane had the following transactions related to notes payable. Sept. 1 Issued a $16,800 note to Pippen to purchase inventory. The 3-month note payable bears interest of 8% and is due December 1. (Crane uses a perpetual inventory system.) Sept. 30 Recorded accrued interest for the Pippen note. Oct. 1 Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Oct. 31 Recorded accrued interest for the Pippen note and the Prime Bank note. Nov. 1 Issued a $28,800 note and paid $8,000 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 6% and matures in 12 months. Nov. 30 Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Dec. 1 Paid principal and interest on the Pippen note. Dec. 31 Recorded accrued interest for the Prime Banknote and the vehicle note. Post the above entries to the Notes Payable, Interest Payable, and Interest Expense accounts. (Post entries in the order of journal entries posted in the previous part of the question.) Notes Payable choose a transaction datechoose a transaction date 12/1 enter a debit amountenter a debit amount 16800 choose a transaction datechoose a transaction date 9/1 enter a credit amountenter a credit amount 16800 choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date 10/1 enter a credit amountenter a credit amount 22800 choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date 11/1 enter a credit amountenter a credit amount 28800 choose the end date of the accounting periodchoose the end date of the accounting period enter a debit balanceenter a debit balance 16800 choose the end date of the accounting periodchoose the end date of the accounting period 12/31 Bal. enter a credit balanceenter a credit balance 68400 Interest Expense choose a transaction datechoose a transaction date 12/31 Bal. enter a debit amountenter a debit amount choose a transaction datechoose a transaction date 9/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date 9/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date 9/1 enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date enter a credit amountenter a credit amount choose the end date of the accounting periodchoose the end date of the accounting period enter a debit balanceenter a debit balance choose a transaction datechoose a transaction date 12/1 enter a credit balanceenter a credit balance Interest Payable choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit amountenter a debit amount choose a transaction datechoose a transaction date enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter a debit balanceenter a debit balance choose the end date of the accounting periodchoose the end date of the accounting period enter a credit balanceenter a credit balance
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