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Accounting Principles E11.1 (LO 1) C.S. Lewis Company had the following transactions involving notes payable. July Borrows $50,000 from 1, First National Bank by 2020

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Accounting Principles E11.1 (LO 1) C.S. Lewis Company had the following transactions involving notes payable. July Borrows $50,000 from 1, First National Bank by 2020 signing a 9-month, 8% note. Nov. Borrows $60,000 from 1. Lyon County State Bank 2020 by signing a 3-month, 6% note. Dec. Prepares adjusting 31, entries. 2020 Feb. Pays principal and 1. interest to Lyon County 2021 State Bank Apr. Pays principal and 1, interest to First National 2021 Bank. Prepare entries for interest- bearing notes. Instructions Prepare journal entries for each of the transactions 11-32

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