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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)

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

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

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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