Please Answer Correctly! Thanks :) Sept. 1 Issued a $14,400 note to Pippen...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Please Answer Correctly! Thanks :)
Sept. 1 Issued a $14,400 note to Pippen to purchase inventory. The 3-month note payable bears interest of 8% and is due December 1 . (Flounder uses a perpetual inventory system.) Sept 30 Recorded accrued interest for the Pippen note. Oct. 1 Issued a $21,600,8%,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. 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. indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Your answer is correct. Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to 0 decimal places, e.g. 15,250.) eTextbook and Media List of Accounts (b) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Sept. 1 Issued a $14,400 note to Pippen to purchase inventory. The 3-month note payable bears interest of 8% and is due December 1 . (Flounder uses a perpetual inventory system.) Sept 30 Recorded accrued interest for the Pippen note. Oct. 1 Issued a $21,600,8%,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. 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. indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Your answer is correct. Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to 0 decimal places, e.g. 15,250.) eTextbook and Media List of Accounts (b) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit
