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C.S. Wildhorse Company had the following transactions involving notes payable. Borrows $64,950 from First National Bank by signing a 9-month, 8% note. Borrows $68,000
C.S. Wildhorse Company had the following transactions involving notes payable. Borrows $64,950 from First National Bank by signing a 9-month, 8% note. Borrows $68,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Pays principal and interest to First National Bank. Pays principal and interest to Lyon County State Bank. Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record accrual of interest from First National Bank) (To record accrual of interest from Lyon County State Bank)
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