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Swifty Corporation had the following transactions involving notes payable. July 1, 2019 Borrows $51,000 from First National Bank by signing a 9-month, 8% note. Nov.

Swifty Corporation had the following transactions involving notes payable.

July 1, 2019 Borrows $51,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2019 Borrows $61,200 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2019 Prepares adjusting entries.
Feb. 1, 2020 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2020 Pays principal and interest to First National Bank.

Prepare journal entries for each of the transactions.

image text in transcribed

(To record adjusting entry for First National Bank note) (To record adjusting entry for Lyon County State Bank note) Feb. 1, 2020 Apr. 1, 2020

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