Question
Cheyenne Corp. had the following transactions involving notes payable. July 1, 2022 Borrows $59,000 from First National Bank by signing a 9-month, 8% note. Nov.
Cheyenne Corp. had the following transactions involving notes payable.
| July 1, 2022 | Borrows $59,000 from First National Bank by signing a 9-month, 8% note. | |
| Nov. 1, 2022 | Borrows $70,800 from Lyon County State Bank by signing a 3-month, 6% note. | |
| Dec. 31, 2022 | Prepares 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 transactionsCheyenne Corp. had the following transactions involving notes payable.
| July 1, 2022 | Borrows $59,000 from First National Bank by signing a 9-month, 8% note. | |
| Nov. 1, 2022 | Borrows $70,800 from Lyon County State Bank by signing a 3-month, 6% note. | |
| Dec. 31, 2022 | Prepares 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Exploring Public Relations Global Strategic Communication
Authors: Ralph Tench, Liz Yeomans
4th Edition
1292112182, 9781292112183
