C.S. Waterway Company had these transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1.2023 Apr. 1, 2023 Borrows $55,000 from First National Bank by signing a 9-month, 8% note. Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
C.S. Waterway Company had these transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1.2023 Apr. 1, 2023 Borrows $55,000 from First National Bank by signing a 9-month, 8% note. Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting
Transcribed Image Text:C.S. Waterway Company had these transactions involving notes payable.
July 1, 2022
Nov. 1, 2022
Dec. 31, 2022
Feb. 1, 2023
Apr. 1, 2023
Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered.
Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Borrows $55,000 from First National Bank by signing a 9-month, 8% note.
Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note.
Prepares adjusting entries.
Pays principal and interest to Lyon County State Bank.
Pays principal and interest to First National Bank.
11
Account Titles and Explanation
Debit
Credit
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