C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows $50,000 from First
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July 1, 2014 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2014 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2014 Prepares adjusting entries.
Feb. 1, 2015 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2015 Pays principal and interest to First National Bank.
Instructions
Prepare journal entries for each of the transactions.
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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