Alright, i need help with this! If you can tell me how you may have gotten some of your answers, i'll rate you best answer! Ermlar Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2014, Ermlar had the following transactions related to notes payable.
| Sept. 1 |
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Issued a $12,000 note to Lippert to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1.
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| Sept.30 |
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Recorded accrued interest for the Lippert note. |
| Oct. 1 |
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Issued a $16,500, 8%, 4-month note to Shanee Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. |
| Oct. 31 |
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Recorded accrued interest for the Lippert note and the Shanee Bank note. |
| Nov. 1 |
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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. |
| Nov. 30 |
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Recorded accrued interest for the Lippert note, the Shanee Bank note, and the vehicle note. |
| Dec. 1 |
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Paid principal and interest on the Lippert note. |
| Dec. 31 |
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Recorded accrued interest for the Shanee Bank note and the vehicle note. |