Wellington Company had the following transactions involving notes payable Nov 1, 2014 Borrows $180,000 from Olathe State Bank by signing a 3 month, 10 note Dec 31, 2014 Prepares the adjusting entry Feb 1, 2015 Pays principal and interest to Olathe State Bank Instructions Prepare journal entries for each of the transactions

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Wellington Company had the following transactions involving notes payable. Nov. 1, 2014 Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note. Dec.

Wellington Company had the following transactions involving notes payable.

Nov. 1, 2014	Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note.
Dec. 31, 2014	Prepares the adjusting entry.
Feb. 1, 2015	Pays principal and interest to Olathe State Bank.

Instructions

Prepare journal entries for each of the transactions.

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