Blue Corporation sells rockclimbing products and also operat

Blue Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2017, Blue had the following transactions related to notes payable.

Dec 31 Recorded accrued interest for the Prime Bank note and the vehicle note.  

Sept. 1		Issued a $16,800 note to Pippen to purchase inventory. The 3-month note payable bears interest of 8% and is due December 1. (Blue uses a perpetual inventory system.)
Sept. 30		Recorded accrued interest for the Pippen note.
Oct. 1		Issued a $22,800, 9%, 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. 1		Issued a $28,800 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 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.

Post the above entries to the Notes Payable, Interest Payable, and Interest Expense accounts Notes Payable Interest Expense Interest Payable

Solution

Notes Payable Date Account\'s tittle Debit $ Account\'s tittle Credit $ 1-Sep Inventory           16,800 1-Oct Cambling wall           22,800 1-Nov Vehicle           28,800 1-Dec Cash              16,800 31-Dec Ending balance              51,600 TOTAL              68,400 TOTAL           68,400 Interest expenses Date Account\'s tittle Debit $ Account\'s tittle Credit $ 30-Sep Interest payable ( Pippen note, see note-1)                   112 31-Oct Interest payable ( Pippen note, see note-1)                   112 31-Oct Interest payable ( Prime Bank note, see note-2)                   171 30-Nov Interest payable ( Pippen note, see note-1)                   112 30-Nov Interest payable ( Prime Bank note, see note-2)                   171 30-Nov Interest payable ( Vehicle Note, see note-3)                   144 31-Dec Ending balance                 822 TOTAL                   822 TOTAL                 822 Interest Payable Date Account\'s tittle Debit $ Account\'s tittle Credit $ 30-Sep Interest expenses                 112 31-Oct Interest expenses                 112 31-Oct Interest expenses                 171 30-Nov Interest expenses                 112 30-Nov Interest expenses                 171 30-Nov Interest expenses                 144 1-Dec Cash                   336 31-Dec Ending balance                   486 TOTAL                   822 TOTAL                 822 Working note; 1 1-months interest at 8% rate of interest for the note $ 16,800 = $ 16,800 x 8% x 1/12 = $ 112 2 1-months interest at 9% rate of interest for the note $ 22,800 = $ 22,800 x 9% x 1/12 = $ 171 3 1-months interest at 6% rate of interest for the note $ 28,800 = $ 28,800 x 6% x 1/12 = $ 144