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
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Applied Equity Analysis and Portfolio Management Tools to Analyze and Manage Your Stock Portfolio
Authors: Robert A.Weigand
1st edition
978-111863091, 1118630912, 978-1118630914
