Flint Corporation sels rock-climbing products and also operates an indoor...
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Flint Corporation sels rock-climbing products and also operates an indoor cimbing facility for climbing enthusiasts. During the last part of 2017, Flint had the following transactions related to notes payable. Sept. 1 Sept. 30 Oct. 1 Oct. 31 No. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $16,800 note to Pippen to purchase inventory. The 3-month note payable bears interest of 6% and is due December 1, (Flint uses a perpetual inventory system.) Recorded accrued interest for the Pippen note. Issued a 520 400 Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $28,800 note and paid $8,600 cash to purchase a vehicle to transport clients to nearby dimbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Paid principal and intereston the Pippen note Recorded accrued interest for the Prime Bank note and the vehicle note. 10%, 4 month note to Prime Bank to finance the purchase of a new climbing all for advanced dimbers. The note i, due February 1
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