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just dont understand how to get November 30 expense and dec 31 The note bears interest of 7% and matures in 12 months Blossom Corporation
just dont understand how to get November 30 expense and dec 31
The note bears interest of 7% and matures in 12 months
Blossom Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Blossom had the following 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. (Blossom uses a perpetual inventory sy! Sept. 30 Recorded accrued interest for the Pippen note. Oct. 1 Issued a $21,600,9%, 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 $26,400 note and paid $8,800 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears 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 Bank note and the vehicle note. Your answer is partially correct. 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 t presented in the problem.) Date Account Titles and Explanation Debit Credit Sept. 1 Inventory 16,800 o Type here to search e box )Step by Step Solution
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