Rob Judson Company had the following transactions involving notes payable. July 1, 2010 Borrows $50,000 from Third
Question:
Rob Judson Company had the following transactions involving notes payable.
July 1, 2010 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.
Nov. 1, 2010 Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.
Dec. 31, 2010 Prepares adjusting entries.
Feb. 1, 20011 Pays principal and interest to DeKalb State Bank
Apr. 1, 20011 Pays principal and interest to Third National Bank
Instructions
Prepare journal entries for each of the transactions.
Step by Step Answer:
July 1 2010 Cash 50000 Notes Payable 50000 November 1 2010 Cash 60000 Notes Payable 6000...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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