Question
C.S. Pharoah Company had the following transactions involving notes payable. July 1, 2022 Borrows $83,000 from First National Bank by signing a 9-month, 8% note.
C.S. Pharoah Company had the following transactions involving notes payable.
July 1, 2022 Borrows $83,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2022 Borrows $86,000 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. Prepare journal entries for each of the transactions
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Accounting Principles Part 3
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
6th Canadian edition Volume 1
978-1118306802
