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CS. Sunland Compary had the following transactions involving notes payable. July 1,2022 Borrows $56,000 from First National Bank by signing a 9-month, 8% note Nov.

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CS. Sunland Compary had the following transactions involving notes payable. July 1,2022 Borrows $56,000 from First National Bank by signing a 9-month, 8% note Nov. 1, 2022 Borrows $59,000 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. econd journal entries in the ander presented in the problem) Acoount Titles and Explanation cash Notes Payable Cash Notes Payable interest Expense interest payable (To record accrual of interest from First National Bank) interest Expense interst payable (To record accrual of interest from Lyon County State Bank) Interest Expense intereat Poyable Notes Poyabie cos interest Expenst interese perable Notes Payabie cosh Debit Credit

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