US a sent you a ? https://edugen Return to Blackboard I, Accounting, 6e n.3 Fint

Question

US a sent you a ? https://edugen Return to Blackboard I, Accounting, 6e n.3 Fint Corporation sells rock-climbing products and aiso operates an indoor dimbing facility for climbing enthuslasts. During the last part of 2017, Pint had the foilowing transactions related to notes payable Sept. 1 Sept Issued a %16,800 note to pppen to purchase mentary The 3-month note payable bears interest of 6% and isa e December i onint uses ,pepetual n entry intern) 30 Recorded accrued interest for the Pippen note Oct. 1 Issued a S20,400, 10%, 4-month note to Prime Bank to finance the purchase of a new cirnbing wall for norced clin oers. 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, to note and paid S8 600 cash to purchase a vehicle to transport dier ts to nearby a ng sites as part of a new senes of dimeng dasses This n te bean-terest ore ·and-ature 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 Prepare journal entries for the transactions noted above (Credit account titles are automatically indented when amount is entered. De not indent manually. Record journaf entries n the order presented in the problem.) Date Account Titles and Explanation Debit

Explanation / Answer

First Corporation General journal for the year 2017 Date Account Title Debit Credit Sept.1, 2017 Inventory 16800 Notes Payable 16800 (Inventory purchased on notes payable) Sept.30 2017 Interest Expense 84 Interest Payable 84 (Interest accrued on the Sept.1 note) Oct.1, 2017 Equipment 20400 Notes Payable 20400 (Climbing waal purchased on note payable) Oct.31, 2017 Interest Expense 254 Interest Payable 254 (Interest accrued on the Sept.1 and Oct.1 note) Nov.1, 2017 Vehicle 28800 Cash 8600 Notes Payable 20200 (Vehicle purchased on note payable) Nov.30, 2017 Interest Expense 355 Interest Payable 355 (Interest accrued on the notes recorded) Dec.1, 2017 Notes Payable 16800 Interest Payable 252 Cash 17052 (Payment of note dt.Sept.1 with interest) Dec.31, 2017 Interest Expense 271 Interest Payable 271 (Interest accrued on the notes recorded) Notes Payable Date Debit Date Credit Dec.1, 2017 16800 Sept.1 16800 Oct.1 20400 Nov.1 20200 16800 57400 End.Bal. 40600 Interest Payable Date Debit Date Credit Dec.1, 2017 252 Sept.30 84 Oct.31 254 Nov.30 355 Dec.31 271 252 964 End.Bal. 712 Interest Expense Date Debit Date Credit Sept.30 84 Oct.31 254 Nov.30 355 Dec.31 271 964 End.Bal. 964 FIRST CORPORATION Balance Sheet (Partial) as at December 31, 2017 Current Liabilities: Interest Payable 712 Notes payable 40600

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