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C.S. Blossom Company had the following transactions involving notes payable. July 1, 2022 Borrows $101,000 from First National Bank by signing a 9-month, 8% note.
C.S. Blossom Company had the following transactions involving notes payable.
July 1, 2022 | Borrows $101,000 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2022 | Borrows $104,000 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. |
Current Attempt in Progress C.S. Blossom Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $101,000 from First National Bank by signing a 9-month, 8% note. Borrows $104,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. 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. Record journal entries in the order presented in the problem.) indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ly 1, 2022 Cash 101000 Notes Payable 1010 ovember 1, 2022 Cash 104000 Notes Payable 1040 ecember 31, 2022 Interest Expense 4040 Interest Payable 40 (To record accrual of interest from First National Bank) ecember 31, 2022 Interest Expense 1040 Interest Payable 10 (To record accrual of interest from Lyon County State Bank) bruary 1, 2023 Notes Payable 104000 Interest Expense Interest Payable Cash
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