C.S. Wildhorse Company had the following transactions involving notes payable. July 1, 2022 Borrows $65,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $68,000 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. Date Account Titles and Explanation Debit Credit July 1, 2022 Cash 65000 Notes Payable 65000 November 1, 2022 Cash 68000 Notes Payable 68000 December 31, 20224 Interest Expense 3900 Interest Payable 3900 (To record accrual of interest from First National Bank) December 31, 2022 Interest Expense 1020 Interest Payable 1020 (To record accrual of interest from Lyon County State Bank) February 1, 2023 Notes Payable 68000 Interest Expense 1020 Interest Payable 1020 Cash 70040 Lash 70040 April 1, 2023 Notes Payable 65000 Interest Expense 433 Interest Payable 3900 L 3900 Cash 69333 |