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PLEASE HELP ME IN ANSWERING PART A Problem 10-2A (Part Level Submission) Grouper Corporation sells rock dimbing products and aso operates an indoor cimbing faclity
PLEASE HELP ME IN ANSWERING PART A
Problem 10-2A (Part Level Submission) Grouper Corporation sells rock dimbing products and aso operates an indoor cimbing faclity fer climbing enthusiasts. Duning the last part of 2017, Grouper had the following transactions related to notes payable Sept. 1 lesued $15,600 nate to Pippen to Sept. 30 Recorded 8 rued interet for the pippen note. purchse inventory Th es perpetusl inventory 3-month note payable beers interest of % and is due Cecember 1. (Grouper us system Oct. 1 Issued 22,800, l0%, 4-month note to Prime Bank to finance the purchase of new dimbing wall for advanced cmbers. The note is due February 1. Oct. 31 Recorded accrued interest for the Pippen note and the Prime Bank note. Nov. 1 Issued 30,000 note Dnd paid S9.300 cash to purchase vehicle to transport cients to nearby dimbing sites as part of a new seres of cimbing classes. This note bears interest of 8% and matures in 12 months Nov. JD Recorded accrued interest for the Pippen note, the Prime Bank note, snd the vehicle note. Dec. 1 Pail principal and interest on the Pippen note Dec. 31 Recded acerued interest for the Prime Bank nete and the vehicle nte. Your answer is partially correct. Try again. Prepare journal entries for the transactions noted above. (Credit account tities are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Sept. 1 Inventory 15600 Notes Payable 15600 Sept. 30Interest Expense Interest Payable 91 Oct. 1 Equipment 22800 Notes Payable 22800 Oct. 31 Interest Expense Interest Payable 190 Nov. 1 Equipment 39300 Notes Payable 30000 Cash 9300 Nov. 30 Interest Expense Interest Payable 390 Dec. 1 Notes Payable 15600 Interest Payable 273 Cash 15873 Dec. 31 Interest Expense Interest Payable 580Step by Step Solution
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