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Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Ehler had the following transactions related to notes payable. Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Part 1 Issued a $12,000 note to Pippen to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1. (Ehler uses a perpetual inventory system.) Recorded accrued interest for the Pippen note. Issued a $16,500,8%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $26,000 note and paid $8,000 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 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Paid principal and interest on the Pippen note. 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. Do not indent manually. Record journal entries in the order presented in the problem.)

Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Ehler had the following transactions related to notes payable. Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Part 1 Issued a $12,000 note to Pippen to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1. (Ehler uses a perpetual inventory system.) Recorded accrued interest for the Pippen note. Issued a $16,500,8%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $26,000 note and paid $8,000 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 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Paid principal and interest on the Pippen note. 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. Do not indent manually. Record journal entries in the order presented in the problem.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 12P: Hamlet Corporation purchases computer equipment at a price of 100,000 on January 1, 2019, paying...
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Current Attempt in Progress Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Ehler had the following transactions related to notes payable. Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Part 1 Issued a $12,000 note to Pippen to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1. (Ehler uses a perpetual inventory system.) Recorded accrued interest for the Pippen note. Issued a $16,500,8%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $26,000 note and paid $8,000 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 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Paid principal and interest on the Pippen note. 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. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:Current Attempt in Progress Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Ehler had the following transactions related to notes payable. Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Part 1 Issued a $12,000 note to Pippen to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1. (Ehler uses a perpetual inventory system.) Recorded accrued interest for the Pippen note. Issued a $16,500,8%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $26,000 note and paid $8,000 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 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Paid principal and interest on the Pippen note. 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. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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