accounting liability E11-1

E11-1 C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows $50,000 from Fourth National Bank by signing a 9-month, 12% note. Nov. 1, 2012 Borrows $60,000 from Livingston State Bank by signing a 3-month, 10% note. Dec. 31, 2012 Prepares adjusting entries. Feb. 1, 2013 Pays principal and interest to Livingston State Bank. Apr. 1, 2013 Pays principal and interest to Fourth National Bank. Instructions Prepare journal entries for each of the transactions