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Rob Judson Company had the following transactions involving notes payable. July 1, 2010 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.
Rob Judson Company had the following transactions involving notes payable. July 1, 2010 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note. November 1,2010 Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note. December 31, 2010 Prepares adjusting entries. February 1, 2011 Pays principal and interest to DeKalb State Bank. April 1, 2011 Pays principal and interest to Third National Bank. Instructions Prepare journal entries for each of the transactions shown above. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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