C.S. Lewis Company had the following transactions involving notes payable. July 1, 2017 Borrows $50,000 from First

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

July 1, 2017 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.

Nov. 1, 2017 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.

Dec. 31, 2017 Prepares adjusting entries.

Feb. 1, 2018 Pays principal and interest to Lyon County State Bank.

Apr. 1, 2018 Pays principal and interest to First National Bank.

Instructions

Prepare journal entries for each of the transactions.

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Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Apr 23, 2020 04:34 AM

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C.S. Lewis Company had the following transactions involving notes payable. July 1, 2017 Borrows $50,000 from First

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Accounting Principles

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