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Need help, Will upvote! Thank you! C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022 Borrows $59,000 from First National
Need help, Will upvote! Thank you!
C.S. Carla Vista Company had the following transactions involving notes payable.
July 1, 2022 | Borrows $59,000 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2022 | Borrows $62,000 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. |
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 22 Cash 59000 Notes Payable 59000 r 1, 2022 V Cash 62000 Notes Payable 62000 :r 31, 2022 Interest Expense 3540 Interest Payable 3540 (To record accrual of interest from First National Bank) r 31, 2022 Interest Expense Interest Payable (To record accrual of interest from Lyon County State Bank) 1, 2023 Notes Payable Interest Expense Interest Payable Cash 023 Notes Payable Interest Expense Interest Payable Cash
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