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Udala Ukes had the following transactions involving notes payable. July 1, 2021 Borrows $56,000 from First National Bank by signing a nine-month, 8% note. Nov.
Udala Ukes had the following transactions involving notes payable.
July 1, | 2021 | Borrows $56,000 from First National Bank by signing a nine-month, 8% note. | |
Nov. 1, | 2021 | Borrows $67,200 from Interprovincial Bank by signing a three-month, 6% note. | |
Dec. 31, | 2021 | Prepares annual year-end adjusting entries. | |
Feb. 1, | 2022 | Pays principal and interest to Interprovincial Bank. | |
Apr. 1, | 2022 | Pays principal and interest to First National Bank. |
I got the wrong answers dec31,feb1 and apr1. please give me some solutions for these questions.
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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1, 2021 Cash 56000 Notes Payable 56000 (Borrowed cash and signed a note payable. Nov. 1, 2021 Cash 67200 67200 Notes Payable (Borrowed cash and signed a note payable.) No Entry Dec 31, 2021 (Accrued interest expense.) Notes Payable Feb. 1. 2022 67200 Interest Payable 672 cash 67872 (Paid note and interest owing.) Notes Payable Apr. 1.2022 56000 Interest Payable 1120 Cash 57120 (Paid note and interest owing.) e Textbook and MediaStep by Step Solution
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