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Bramble Corp. had the following transactions involving notes payable. July 1, 2022 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov.
Bramble Corp. had the following transactions involving notes payable. July 1, 2022 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $67,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares annual adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credi July 1, 2022 Cash 56500 Notes Payable November 1, 2022 Cash 67800 Notes Payable December 31, 2022 Interest Expense 2938 Notes Payable (To record adjusting entry for First National Bank note) February 1, 2023 Interest Expense 339 Notes Payable (To record adjusting entry for Lyon County State Bank note) Notes Payable 1017 Cash
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