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previous chegg answer was wrong Swifty Corporation had the following transactions involving notes payable. July 1, 2020 Borrows $51,000 from First National Bank by signing
previous chegg answer was wrong
Swifty Corporation had the following transactions involving notes payable. July 1, 2020 Borrows $51,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $61.200 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 (To record adjusting entry for First National Bank note) (To record adjusting entry for Lyon County State Bank note)Step by Step Solution
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