C.S. Lewis Company had the following transactions involving notes payable. July 1, 2025 Borrows $50,000 from First

Question:

C.S. Lewis Company had the following transactions involving notes payable. 

July 1, 2025 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2025 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2025 Prepares adjusting entries.
Feb. 1, 2026 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2026 Pays principal and interest to First National Bank.


Instructions
Prepare journal entries for each of the transactions.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting Tools For Business Decision Making

ISBN: 9781119791058

8th Edition

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

Question Posted: