Please create a journal entry for the attached. Marigold Corporation sells rock-

Question

Please create a journal entry for the attached.

Marigold Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2017, Marigold had the following transactions related to notes payable. Issued a $15,600 note to Pippen to purchase inventory. The 3-month Sept. 1 note payable bears interest of 8% and is due December 1, (Mangold uses a perpetual inventory system.) Sept. 30 Oct. 1 of a new climbing wall for advanced climbers. The note is due February 1 Oct. 31 note Nov. 1 transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 7% and matures in 12 months. Nov. 30 and the vehicle note. Dec. 1 Dec. 31 note Recorded accrued interest for the Pippen note. issued a $19,200, 896, 4-month note to Prime Bank to finance the purchase Recorded accrued interest for the Pippen note and the Prime Bank Issued a $25,200 note and paid $8,100 cash to purchase a vehicle to Recorded accrued interest for the Pippen note, the Prime Bank note Paid principal and interest on the Pippen note. Recorded accrued interest for the Prime Bank note and the vehicle Collapse question part 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.)

Explanation / Answer

Date Particulares Debit Credit Sep-01 Inventory 15600 8 % Note Payable Pipen 15600 Sep-30 Interest Expense =15600*8%/12 104 Interest Payable 104 Oct-01 Climbing Wall 19200 8 % Note Payable -Prime Bank 19200 Oct-31 Interst Expense =+(15600+19200)*0.08/12 232 Interest Payable 232 Nov-01 Vehicle 33300 Note Payable 7% 25200 Cash 8100 Nov-30 Interes expense =232+25200*7%/12 379 Interest Payable 379 Dec-01 8 % Note Payable Pipen 15600 Interest Payable 312 Cash 15912 Dec-31 Interes expense =19200*8%/12+25200*7%/12 275 Interest Payable 275

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