C.S. Waterway Company had these transactions involving notes payable. July 1, 2022 Borrows $53,500 from First...

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C.S. Waterway Company had these transactions involving notes payable. July 1, 2022 Borrows $53,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Dec. 31, 2022 Borrows $62,200 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date July 1, 2022 Account Titles and Explanation Cash Notes Payable Nov. 1, 2022 Cash Notes Payable Dec. 31, 2022 Interest Expense Dec. 31, 2022 Interest Payable (Adjusting entry for First National Bank note.) Interest Expense Interest Payable (Adjusting entry for Lyon County State Bank note.) Feb. 1, 2023 Notes Payable Interest Expense Interest Payable Cash Apr. 1, 2023 Notes Payable Interest Expense Interest Payable Cash Debit 53,500 62,200 3210 933 Cre C.S. Waterway Company had these transactions involving notes payable. July 1, 2022 Borrows $53,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Dec. 31, 2022 Borrows $62,200 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date July 1, 2022 Account Titles and Explanation Cash Notes Payable Nov. 1, 2022 Cash Notes Payable Dec. 31, 2022 Interest Expense Dec. 31, 2022 Interest Payable (Adjusting entry for First National Bank note.) Interest Expense Interest Payable (Adjusting entry for Lyon County State Bank note.) Feb. 1, 2023 Notes Payable Interest Expense Interest Payable Cash Apr. 1, 2023 Notes Payable Interest Expense Interest Payable Cash Debit 53,500 62,200 3210 933 Cre

Answer rating: 100% (QA)

Journal Entries are as follows Date July 1 2022 Debit Notes Payable Ac 53500 Credit Cash Ac 53500 Bo... View the full answer