Question
Oriole Company had the following transactions involving notes payable. July 1, 2020 Borrows $59,500 from First National Bank by signing a 9-month, 8% note. Nov.
Oriole Company had the following transactions involving notes payable.
July 1, 2020 | Borrows $59,500 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2020 | Borrows $71,400 from Lyon County State Bank by signing a 3-month, 6% note. | |
Dec. 31, 2020 | Prepares adjusting entries. | |
Feb. 1, 2021 | Pays principal and interest to Lyon County State Bank. | |
Apr. 1, 2021 | 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, 2020November 1, 2020December 31, 2020February 1, 2021April 1, 2021 | 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, 2020November 1, 2020December 31, 2020February 1, 2021April 1, 2021 | 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, 2020November 1, 2020December 31, 2020February 1, 2021April 1, 2021 | enter an account title to record adjusting entry for First National Bank note | enter a debit amount | enter a credit amount | |
enter an account title to record 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, 2020November 1, 2020December 31, 2020February 1, 2021April 1, 2021 | enter an account title to record adjusting entry for Lyon County State Bank note | enter a debit amount | enter a credit amount | |
enter an account title to record 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) | ||||
| enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
| enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started