Accounting Q1. Prepare/Journalize the following transactions: July. 1, 2018 Borrows $65,000 from American Bank by signing a 9-month, 7% note. Nov. 1, 2018 Borrows $70,000 from City Bank by signing a 3-month, 5% note. Dec. 31, 2018 Prepares annual year-end adjusting entries. Feb. 1, 2018 Pays principal and interest to City Bank. Apr. 1, 2018 Pays principal and interest to American Bank. I just need help from transactions Dec. 31, 2018 to Apr. 1, 2018. Please show steps for each.
Accounting Q1. Prepare/Journalize the following transactions: July. 1, 2018 Borrows $65,000 from American Bank by signing a 9-month, 7% note. Nov. 1, 2018 Borrows $70,000 from City Bank by signing a 3-month, 5% note. Dec. 31, 2018 Prepares annual year-end adjusting entries. Feb. 1, 2018 Pays principal and interest to City Bank. Apr. 1, 2018 Pays principal and interest to American Bank. I just need help from transactions Dec. 31, 2018 to Apr. 1, 2018. Please show steps for each.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting Q1.
Prepare/Journalize the following transactions:
| July. 1, 2018 Borrows $65,000 from American Bank by signing a 9-month, 7% note. |
| Nov. 1, 2018 Borrows $70,000 from City Bank by signing a 3-month, 5% note. |
| Dec. 31, 2018 Prepares annual year-end |
| Feb. 1, 2018 Pays principal and interest to City Bank. |
| Apr. 1, 2018 Pays principal and interest to American Bank. |
I just need help from transactions Dec. 31, 2018 to Apr. 1, 2018. Please show steps for each.
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