Culver Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2017, Culver had the following transactions related to notes payable. Problem 10-2A Issued a $15,600 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% December 1. (Culver uses a perpetual inventory system.) and is due Sept. 1 Sept. Recorded accrued interest for the Pippen note. 30 Issued a $19,200, 10%, 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. 1 Recorded accrued interest for the Pippen note and the Prime Bank note. 31 Oct. Nov. Issued a $24,000 note and paid $9,200 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 8% and matures in 12 months. 1 Nov. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. 30 Paid principal and interest on the Pippen note. 1 Dec. Recorded accrued interest for the Prime Bank note and the vehicle note. 31 Dec. Prepare journal entries for the transactions noted above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Credit Debit Account Titles and Explanation Date Prepare journal entries for the transactions noted above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Account Titles and Explanation Date Dec. 1 111 Dec. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT 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 Interest Expense Interest Expense Interest Payable SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of notes payable and interest payable at December 31. CULVER CORPORATION Balance Sheet (Partial) Show the balance sheet presentation of notes payable and interest payable at December 31. CULVER CORPORATION Balance Sheet (Partial) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT How much interest expense relating to notes payable did Culver incur during the year? Interest expense incurred during the year SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Ouestion Attonmntei 0 ef 1 us
