During the audit of Pecos Land and Cattle Company for the year 19X1 you discover the following general ledger accounts. Prepare any necessary adjusting journal entries.

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Notes payable Acct. 304 Date Description Dr. Cr. Bal. 1/1/X1 Balance -0- 1/3/X1 3/1/X1 Wilson State Bank, 6% due 1/3/X3 Alpine Nat'l Bank, 6% due 6/1/X1 10,000 10,000 50,000 60,000 4/15/X1 Hondo Inc., 5% due 10/15/X1 10,000 70,000 6/1/X1 Alpine Nat'l Bank 50,000 20,000 7/1/X1 Cattleman's Nat'l Bank, 70,000 90,000 5% due 7/1/X2 10/15/X1 Hondo Inc. 10,000 80,000 11/1/X1 Paso Nat'l Bank, 6% due 5/1/X2 100,000 180,000