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Udala Uke's had the following transactions involving notes payable. July 1, 2021 2021 Nov. 1, Dec. 31, 2021 Feb. 1, 2022 Apr. 1, 2022
Udala Uke's had the following transactions involving notes payable. July 1, 2021 2021 Nov. 1, Dec. 31, 2021 Feb. 1, 2022 Apr. 1, 2022 Borrows $41,000 from First National Bank by signing a nine-month, 8% note. Borrows $49,200 from Interprovincial Bank by signing a three-month, 6% note. Prepares annual year-end adjusting entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit July 1, 2021 01 I Nov. 1, 2021 : (Borrowed cash and signed a note payable.) Dec. 31, 2021 (Borrowed cash and signed a note payable.) Feb. 1, 2022 (Accrued interest experise.) Apr. 1, 2022 (Paid note and interest owing)
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