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Can you please check some of my work. I write this stuff down to see if it right ? I would like to compare my
Can you please check some of my work. I write this stuff down to see if it right ? I would like to compare my worksheet. I only put stuff on the sheet only if its right.
C.S. Lewis Com pany had the following transactions involving notes payable. July 1, 2015 Nov. 1, 2015 Dec. 31, 2015 Prepares adjusting entries Feb. 1, 2016 Apr. 1, 2016 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $63,000 from Lyon County State Bank by signing a 3-month, 6% note. Pays principal and interest to Lyon County State Bank Pays principal and interest to First National Bank Prepare journal entries for each the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date July 1, 2015 Cash 50000 Notes Payable 50000 Nov. 1, 2015 Cash 63000 Notes Payable 63000 Dec. 31, 2015 Interest Expense (Adjusting entry for First National Bank note.) Dec. 31, 2015 (Adjusting entry for Lyon County State Bank note.) Feb. 1, 2016 Notes Payable Interest Payable Cash Apr. 1, 2016 Notes Payable Interest Payable Cash SHOW LIST OF ACCOUNTS Accounts Payable Accounts Receivable Accumulated Depreciation- Equipment Bonds Payable Cash Common Stock Cost of Goods Sold Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes Payable Federal Uemployment Taxes Payable FICA Taxes Payable Gain on Bond Redemption Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Inventory Lease Liability Loss on Bond Redemption Mortgage Payable Notes Payable Other Operating Expenses Paid-in Capital in Excess of Par-Common Stock Payroll Tax Expense Preferred Stock Premium on Bonds Payable Prepaid Insurance Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Taxes Payable Service Revenue State Income Taxes Payable State Unemployment Taxes Payable Subscription Revenue Ticket Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket RevenueStep by Step Solution
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