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Wellington Company had the following transactions involving notes payable. Nov. 1, 2010 Borrows $90,000 from Olathe State Bank by signing a 3-month, 10% note. Dec.

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Wellington Company had the following transactions involving notes payable. Nov. 1, 2010 Borrows $90,000 from Olathe State Bank by signing a 3-month, 10% note. Dec. 31, 2010 Prepares the adjusting entry. Feb. 1, 2011 Pays principal and interest to Olathe State Bank. Prepare journal entries for each of the transactions

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