Question: C.S.Sheffield Company had these transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $50,500

C.S.Sheffield Company had these transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Borrows $64,600 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. PAPA U 201 S 45 112 20 OPE 12 E To

Borrows $50,500 from First National Bank by signing a 9-month, 8% note.

C.S. Sheffield Company had these transactions involving notes payable. July 1,2022 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1,2022 Borrows $64,600 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 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 omount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Question 5 of 6 (Adjusting entry for Lyon County State Bank note)

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