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can you please show how you got the Answer. Thank you Exercise 11-01 C.S. Lily Company had the following transactions involving notes payable. Neud todo
can you please show how you got the Answer. Thank you
Exercise 11-01 C.S. Lily Company had the following transactions involving notes payable. Neud todo July 1, 2020 Borrows $54,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $63,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 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. Round answers to 0 decima places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit nore Credit (Adjusting Entry for First National Bank) and (Adjusting entry for Lyon County State Bank)Step by Step Solution
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