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A Journal entries for transactions of Ermlar corporationAmount ($).pdf

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A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120 A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 In.

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A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr
16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c
12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30
By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total
2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570
Total 2120 Total 2120 A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500
climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note
Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31
By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570
Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750
Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120 Solution A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180
Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note.
To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30
By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620
Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120
Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120 A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180
Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30
Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01
To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580
Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180
Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120

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A Journal entries for transactions of Ermlar corporationAmount ($).pdf

  • 1. A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr
  • 2. 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c
  • 3. 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30
  • 4. By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total
  • 5. 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570
  • 6. Total 2120 Total 2120 A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500
  • 7. climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note
  • 8. Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31
  • 9. By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570
  • 10. Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750
  • 11. Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120 Solution A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180 Recorded accrued interest for the Lippert note To Interest Payable A/c 180
  • 12. Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30 Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note.
  • 13. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 12000 Sep-30
  • 14. By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580 Oct-31 By Interest A/c 620
  • 15. Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180 Dec-31 By Profit & Loss A/c 2120
  • 16. Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120 A Journal entries for transactions of Ermlar corporation Amount ($) Date Particulars Lf/No Dr Cr Narration Sep-01 Purchases A/c Dr 12000 Issues a $12,000 note to Lippert to purchase inventory. The 3 month note payable bears To Lippert A/c 12000 interest of 6% and is due December 1 Sep-30 Lippert A/c Dr 12000 To Note Payable A/c 12000 Sep-30 Interest A/c Dr 180
  • 17. Recorded accrued interest for the Lippert note To Interest Payable A/c 180 Oct-01 Advanced Climbers A/c Dr 16500 Issued a $16,500, 8%, 4 month note to Shanee Bank to finance the purchase of a new To Shanee Bank A/c 16500 climbing wall for advanced climbers. The note is due February 1. Oct-31 Shanee Bank A/c Dr 16500 To Note Payable A/c 16500 Oct-31 Interest A/c Dr 620 Recorded accrued interest for the Lippert note and the Sahnee Bank Note. To Interest Payable A/c 620 Nov-01 Vehicle A/c Dr 34000 Issued a $26,000 note and paid $8,000 cash to purchasing a vehicle to transport clients to To Vehicle note A/c 26000 nearby climbing sites. This note bears interest of 6% and matures in 12 months. To Cash A/c 8000 Nov-01 Vehicle Note A/c Dr 26000 To Note Payable A/c 26000 Nov-30
  • 18. Interest A/c Dr 750 Recorded an accrued interest for the Lippert note, the Shanee Bank note and vehicle note. To Interest Payable A/c 750 Dec-01 Note Payable A/c Dr 12000 Paid principal and interest on the Lippert note Interest Payable A/c Dr 540 To Bank A/c 12540 Dec-31 Interest A/c Dr 570 Recorded accrued interest for the Shanee bank note and vehicle note. To Interest Payable A/c 570 Dec-31 Profit & Loss A/c Dr 2120 Interest expense transferred to profit and Loss A/c at the end of the year. To Interest A/c 2120 B Notes Payable to Lippert, Shanee Bank and Vehicle note. Note Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01
  • 19. To Bank A/c 12000 Sep-30 By Lippert A/c 12000 Dec-31 To Bal c/fwd 42500 Oct-31 By Shanee Bank A/c 16500 Nov-30 By Vehicle Note A/c 26000 Total 54500 Total 54500 Interest Payable A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Dec-01 To Bank A/c 540 Sep-30 By Interest A/c 180 Dec-31 To Bal C/fwd 1580
  • 20. Oct-31 By Interest A/c 620 Nov-30 By Interest A/c 750 Dec-31 By Interest A/c 570 Total 2120 Total 2120 Balance sheet extract as on Dec 31 Liabilities Amount Trade Liabilities Notes Payable 42500 Interest Payable 1580 Total 44080 D Interest Expense relating to notes Payable Interest A/c Dr Cr Date Particlulars Amount Date Particlulars Amount Sep-30 To Interest Payable A/c 180
  • 21. Dec-31 By Profit & Loss A/c 2120 Oct-31 To Interest Payable A/c 620 Nov-30 To Interest Payable A/c 750 Dec-31 To Interest Payable A/c 570 Total 2120 Total 2120