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Exercise 11-01 CS. Crane Company had the following transactions involving notes payable. July 1, 2020 Bomous $52,000 from First National Bank by signing a 9-month,
Exercise 11-01 CS. Crane Company had the following transactions involving notes payable. July 1, 2020 Bomous $52,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $60,000 from Lyon County State Bank by signing 3-month, 6% nate. Dec. 31, 2020 Prepares adjusting entries. Fcb. 1, 2021 Pays principal and interest ta Lyon Caunty State Bank. Apr 1, 2021 Pays principal and interest to First National Bank. 1, 2021 Pays principal and interest to First National Bank Prepare journal entries for each of the transactions. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimaI places, eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Adjusting entry for First National Bank note. Acjusting entry for Lyon County State Bank note.)
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