Question
Marigold Corp. had the following transactions involving notes payable. July 1, 2022 Borrows $51,500 from First National Bank by signing a 9-month, 8% note. Nov.
Marigold Corp. had the following transactions involving notes payable.
July 1, 2022 | Borrows $51,500 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2022 | Borrows $61,800 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. |
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 |
---|---|---|---|
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title to record the adjusting entry for First National Bank note | enter a debit amount | enter a credit amount |
enter an account title to record the adjusting entry for First National Bank note | enter a debit amount | enter a credit amount | |
(To record adjusting entry for First National Bank note) | |||
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 | enter an account title to record the adjusting entry for Lyon County State Bank note | enter a debit amount | enter a credit amount |
enter an account title to record the adjusting entry for Lyon County State Bank note | enter a debit amount | enter a credit amount | |
(To record adjusting entry for Lyon County State Bank note) | |||
Feb. 1, 2023 | enter an account title for journal entry on February 1, 2023 | enter a debit amount | enter a credit amount |
enter an account title for journal entry on February 1, 2023 | enter a debit amount | enter a credit amount | |
enter an account title for journal entry on February 1, 2023 | enter a debit amount | enter a credit amount | |
enter an account title for journal entry on February 1, 2023 | enter a debit amount | enter a credit amount | |
Apr. 1, 2023 | enter an account title for journal entry on April 1, 2023 | enter a debit amount | enter a credit amount |
enter an account title for journal entry on April 1, 2023 | enter a debit amount | enter a credit amount | |
enter an account title for journal entry on April 1, 2023 | enter a debit amount | enter a credit amount | |
enter an account title for journal entry on April 1, 2023 | enter a debit amount | enter a credit amount |
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