C.S. Lewis Company had the following transactions involving notes payable. July 1, 2025 Borrows $50,000 from First
Question:
C.S. Lewis Company had the following transactions involving notes payable.
July 1, 2025 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2025 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2025 Prepares adjusting entries.
Feb. 1, 2026 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2026 Pays principal and interest to First National Bank.
Instructions
Prepare journal entries for each of the transactions.
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Cash Cash Notes Payable Notes Payable July 1 2025 November 1 2025 December 31 2025 I...View the full answer
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Related Book For 
Accounting Tools For Business Decision Making
ISBN: 9781119791058
8th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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