Question
C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows $150,000 from Trident National Bank by signing a 9-month, 8% note.
- C.S. Lewis Company had the following transactions involving notes payable.
July 1, 2014 Borrows $150,000 from Trident National Bank by signing a 9-month, 8% note.
Nov. 1, 2014 Borrows $260,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2014 prepares adjusting entries.
Feb. 1, 2015 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2015 Pays principal and interest to Trident National Bank.
Instructions
Prepare journal entries for each of the transactions
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Construction Industry IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304131920, 978-1304131928
