Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500 from First National Bank by signing at 9-month, 8% note. Nov. 1 2019 Borrows 67,800 from Lyon County State Bank by signing a 3 month, 6% note Dec. 31 2019 Prepares adjusting entries Feb. 1 2020 Pays principal and interest to Lyon County State Bank. Apr 1 2020 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.
Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500 from First National Bank by signing at 9-month, 8% note. Nov. 1 2019 Borrows 67,800 from Lyon County State Bank by signing a 3 month, 6% note Dec. 31 2019 Prepares adjusting entries Feb. 1 2020 Pays principal and interest to Lyon County State Bank. Apr 1 2020 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bramble Corp. had the following transactions involving notes payable.
July 1, 2019 Borrows 56,500 from First National Bank by signing at 9-month, 8% note.
Nov. 1 2019 Borrows 67,800 from Lyon County State Bank by signing a 3 month, 6% note
Dec. 31 2019 Prepares
Feb. 1 2020 Pays principal and interest to Lyon County State Bank.
Apr 1 2020 Pays principal and interest to First National Bank.
Prepare
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