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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		Issued a $12,000 note to Lippert to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1.
Sept.30		Recorded accrued interest for the Lippert note.
Oct. 1		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		Recorded accrued interest for the Lippert note and the Shanee Bank note.
Nov. 1		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		Recorded accrued interest for the Lippert note, the Shanee Bank note, and the vehicle note.
Dec. 1		Paid principal and interest on the Lippert note.
Dec. 31		Recorded accrued interest for the Shanee Bank note and the vehicle note.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9971917

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