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

C.S. Lewis Company had the following transactions involving notes payable.
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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July 1 2014 Cash 50000 Notes Payable 50000 November 1 2014 Cash 60000 Notes Payable 60000 December 31 2014 Interest Expense 50000 X 8 X 612 2000 Interest Payable 2000 Interest Expense 60000 X 6 X 212 600 Interest Payable 600 …View the full answer


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Accounting Principles

Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Details
Chapter # 11
Section: Exercises
Problem: 1
Posted Date: January 30, 2014 02:01:18
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