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Exercise 10-1 Windsor, Inc. had the following transactions involving notes payable July 1, 2019 Borrows $53,500 from First National Bank by signing a 9-month, 8%
Exercise 10-1 Windsor, Inc. had the following transactions involving notes payable July 1, 2019 Borrows $53,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2019 Borrows $64,200 from Lyon County State Bank by signing a 3 month, 6% note. Dec. 31, 2019 Prepares adjusting entries. Feb. 1, 2020 Pays principal and interest to Lyon County State Bank. Apr. 1, 2020 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 (To record adjusting entry for First National Bank note) (To record adjusting entry for Lyon County State Bank note) Feb. 1, 2020 Apr. 1, 2020 Click if you would like to Show Work for this
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