Padillio Company had the following transactions involving notes payable. July 1, 2014 Borrows $60,000 from Fourth National

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Padillio Company had the following transactions involving notes payable.

July 1, 2014 Borrows $60,000 from Fourth National Bank by signing a 9-month, 8% note.

Nov. 1, 2014 Borrows $50,000 from Livingston State Bank by signing a 3-month, 9% note.

Dec. 31, 2014 Prepares adjusting entries.

Feb. 1, 2015 Pays principal and interest to Livingston State Bank.

Apr. 1, 2015 Pays principal and interest to Fourth National Bank.

Instructions

Prepare journal entries for each of the transactions.

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Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Dec 29, 2012 04:47 AM

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Padillio Company had the following transactions involving notes payable. July 1, 2014 Borrows $60,000 from Fourth National

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July 1 2014 Cash 60000 Notes Payable 60000 November 1 2014 Cash 50000 Notes Payable 50...View the full answer

Financial and managerial accounting

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