Question
C.S. Sheridan Company had the following transactions involving notes payable. July 1, 2022 Borrows $86,000 from First National Bank by signing a 9-month, 8% note.
C.S. Sheridan Company had the following transactions involving notes payable.
July 1, 2022 | Borrows $86,000 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2022 | Borrows $89,000 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit | |
---|---|---|---|---|
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title to record accrual of interest from First National Bank | enter a debit amount | enter a credit amount | |
enter an account title to record accrual of interest from First National Bank | enter a debit amount | enter a credit amount | ||
(To record accrual of interest from First National Bank) | ||||
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title to record accrual of interest from Lyon County State Bank | enter a debit amount | enter a credit amount | |
enter an account title to record accrual of interest from Lyon County State Bank | enter a debit amount | enter a credit amount | ||
(To record accrual of interest from Lyon County State Bank) | ||||
| enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
| enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount |
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