Question

Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Wildhorse had the following transactions related to notes payable. Sept. 1 Issued a $15,600 note to Pippen to purchase inventory. The 3-month note payable bears interest of 7% and is due December 1. (Wildhorse 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 $27,600 note and paid $7,600 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 8% 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. (a) 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 choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account title for the journal entry on December 1enter an account title for the journal entry on December 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title for the journal entry on December 1enter an account title for the journal entry on December 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title for the journal entry on December 1enter an account title for the journal entry on December 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount choose a transaction datechoose a transaction date enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount

Answer 1