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Skysong's had the following transactions involving notes payable July 1, 2024 Nov. 1 2024 Borrows $43,200 from First National Bank by signing a nine-month,
Skysong's had the following transactions involving notes payable July 1, 2024 Nov. 1 2024 Borrows $43,200 from First National Bank by signing a nine-month, 8% note Borrows $51,600 from Interprovincial Bank by signing a three-month, 6% note Prepares annual year-end adjusting entries Dec 31, 2024 Feb 1, 2025 Apt. 1, 2025 Pays principal and interest to interprovincial Bank Pays principal and interest to First National Bank Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date: Account Titles July 2004 Cash Notes Payable Debit Credit 43200 Nov 12024 Cash 51600 Notes Payable Dec 31 2024 Interest Expense Feb 1, 2025 Interest Payable Notes Payable Interest Payable Interest Expense Cash Apr 1, 2025 Notes Payable Interest Payable Interest Expense Cash 53600 43200 51600
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