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C.S. Lewis Company had the following transactions involving notes payable. July 1, 2017 Borrows $55,000 from First National Bank by signing a 9-month, 8% note.
C.S. Lewis Company had the following transactions involving notes payable.
| July 1, 2017 | Borrows $55,000 from First National Bank by signing a 9-month, 8% note. | |
| Nov. 1, 2017 | Borrows $66,000 from Lyon County State Bank by signing a 3-month, 6% note. | |
| Dec. 31, 2017 | Prepares adjusting entries. | |
| Feb. 1, 2018 | Pays principal and interest to Lyon County State Bank. | |
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| Apr. 1, 2018 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.
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Acca Paper 3.1 Audit And Assurance
Authors: N/a
1st Edition
075172680X, 978-0751726800
