Question
Windsor's had the following transactions involving notes payable. July 1, 2024 Borrows $58.800 from First National Bank by signing a nine-month, 8% note. Nov. 1,
Windsor's had the following transactions involving notes payable.
July 1,
2024
Borrows $58.800 from First National Bank by signing a nine-month, 8% note.
Nov. 1,
2024
Borrows $70,800 from Interprovincial Bank by signing a three-month, 6% note.
Dec. 31, 2024
Prepares annual year-end adjusting entries.
Feb. 1,
2025
Pays principal and interest to Interprovincial Bank.
Apr. 1,
2025
Pays principal and interest to First National Bank.
- / 1
Prepare journal entries for each of the transactions.
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Financial Accounting Tools For Business Decision Making
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
8th Edition
1119316022, 978-1119316022
