C.S. Lewis Company had the following transactions involving notes payable. July 1, 2019 Borrows $50,000 from First
Question:
July 1, 2019 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2019 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2019 Prepares adjusting entries.
Feb. 1, 2020 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2020 Pays principal and interest to First National Bank.
Instructions
Prepare journal entries for each of the transactions.
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July 1 2019 Cash 50000 Notes Payable 50000 November 1 2019 Cash 60000 Notes Payable 60000 D...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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