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(11). Waleed Company had the following transactions involving notes payable. Aug. 1, 2020 Dec. 1, 2020 Dec. 31, 2020 March 1, 2021 May 1,
(11). Waleed Company had the following transactions involving notes payable. Aug. 1, 2020 Dec. 1, 2020 Dec. 31, 2020 March 1, 2021 May 1, 2021 Instructions Borrows $200,000 from National Bank of Oman by signing a 9-month, 12% note. Borrows $120,000 from Dhofar Bank by signing a 3-month, 10% note. Prepares adjusting entries. Pays principal and interest to Dhofar Bank. Pays principal and interest to National Bank of Oman. Prepare journal entries for each of the transactions. (2.5 marks)
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