Mark Harris Company had the following transactions involving notes payable. June 1,2022 Borrows $74,200 from First National Bank by signing a 9-month 129 note- Dec, 1,2022 Borrows $95,400 from Sycamore state Bank by signing a 3 month, 10% note Dec 31, 2022 Prepares adjusting entries: Mar.1.2023 Pays principal and interest to Sycamore State Bark. Mar. 1,2023 Pays principal and interest to First National Bank. (a) 6. Your answer is partially correct Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit occount witles are cutomatically indented when the amount is entered. Do not indent manuolly. Record joumal entries in the order presented in the problem. If no entry is requlred, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Cash Notes Parabie 3022 Cont Notes Payable 2022 interest Experse Interest Payoble: (To record accrual of interest from First National Bank) 2022 Interest Expense Interest Parabie (To record accual of interest from Sycamore state Bank) Notes Parable Interest Pavabe interest Kopense ens Debit Credit 74200 4 95400 95400 95,400 To record poyment of ptincipal and interest to 9785 Bank) Notes Payoble |IIII 95400 Interest Payable Interest Expense Cash IIIIIIIII 9785 (To record payment of principal and interest to Sycamore State Bank.) Notes Pryabie III. II Interest Payable Interest Expense Cash (To record payment principal and interest to First National Bank.) eTextbook and Media List of Accounts Swive for Later Attempts: 2 of 3 used Submit Answer Mark Harris Company had the following transactions involving notes payable. June 1,2022 Borrows $74,200 from First National Bank by signing a 9-month 129 note- Dec, 1,2022 Borrows $95,400 from Sycamore state Bank by signing a 3 month, 10% note Dec 31, 2022 Prepares adjusting entries: Mar.1.2023 Pays principal and interest to Sycamore State Bark. Mar. 1,2023 Pays principal and interest to First National Bank. (a) 6. Your answer is partially correct Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit occount witles are cutomatically indented when the amount is entered. Do not indent manuolly. Record joumal entries in the order presented in the problem. If no entry is requlred, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Cash Notes Parabie 3022 Cont Notes Payable 2022 interest Experse Interest Payoble: (To record accrual of interest from First National Bank) 2022 Interest Expense Interest Parabie (To record accual of interest from Sycamore state Bank) Notes Parable Interest Pavabe interest Kopense ens Debit Credit 74200 4 95400 95400 95,400 To record poyment of ptincipal and interest to 9785 Bank) Notes Payoble |IIII 95400 Interest Payable Interest Expense Cash IIIIIIIII 9785 (To record payment of principal and interest to Sycamore State Bank.) Notes Pryabie III. II Interest Payable Interest Expense Cash (To record payment principal and interest to First National Bank.) eTextbook and Media List of Accounts Swive for Later Attempts: 2 of 3 used Submit
