C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows $50,000 from Fourth
Question:
July 1, 2012 Borrows $50,000 from Fourth National Bank by signing a 9-month, 12% note.
Nov. 1, 2012 Borrows $60,000 from Livingston State Bank by signing a 3-month, 10% note.
Dec. 31, 2012 Prepares adjusting entries.
Feb. 1, 2013 Pays principal and interest to Livingston State Bank.
Apr. 1, 2013 Pays principal and interest to Fourth 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:
July 1 2012 Cash 50000 Notes Payable 50000 November 1 2012 Cash 60000 Notes Payable 600...View the full answer
Answered By
Gilbert Chesire
I am a diligent writer who understands the writing conventions used in the industry and with the expertise to produce high quality papers at all times. I love to write plagiarism free work with which the grammar flows perfectly. I write both academics and articles with a lot of enthusiasm. I am always determined to put the interests of my customers before mine so as to build a cohesive environment where we can benefit from each other. I value all my clients and I pay them back by delivering the quality of work they yearn to get.
14+ Reviews
49+ Question Solved
Related Book For 
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
