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C.S. Lewis Company had the following transactions involving notes payable. July 1, 2015 Borrows $50,500 from First National Bank by signing a 9-month, 8% note.
C.S. Lewis Company had the following transactions involving notes payable.
July 1, 2015 | Borrows $50,500 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2015 | Borrows $61,200 from Lyon County State Bank by signing a 3-month, 6% note. | |
Dec. 31, 2015 | Prepares adjusting entries. | |
Feb. 1, 2016 | Pays principal and interest to Lyon County State Bank. | |
Apr. 1, 2016 | Pays principal and interest to First National Bank. | |
Prepare journal entries for each of the transactions. |
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