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PLEASE ANSWER FOR THE DATA BELOW thank you C.S. Sunland Company had the following transactions involving notes payable. July 1, 2025 Borrows $55,950 from First
PLEASE ANSWER FOR THE DATA BELOW thank you
C.S. Sunland Company had the following transactions involving notes payable.
July 1, 2025 | Borrows $55,950 from First National Bank by signing a 9-month, 8% note. | |
Nov. 1, 2025 | Borrows $59,000 from Lyon County State Bank by signing a 3-month, 6% note. | |
Dec. 31, 2025 | Prepares adjusting entries. | |
Feb. 1, 2026 | Pays principal and interest to Lyon County State Bank. | |
Apr. 1, 2026 | Pays principal and interest to First National Bank. |
\begin{tabular}{l} Date \\ \hline July 1.2025 \\ \hline \end{tabular} Account Titles and Explanation Cash \begin{tabular}{lll} Debit & Credit \\ & 55950 & \\ \hline \end{tabular} Notes Payable 55950 November 1,2025 Cash 59000 (To record accrual of interest from First National Bank) December 31,2025 Interest Expense 2238 Interest Payable \begin{tabular}{|} \hline \\ \hline 2238 \\ \hline \end{tabular} December 31,2025 Interest Expense Interest Payable (To record accrual of interest from Lyon County State Bank) February 1,2026 Interest Expense Interest Payable Notes Payable Cash \begin{tabular}{||l||} \hline \hline \end{tabular} \begin{tabular}{|} 59000 \\ \hline \end{tabular}
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