Subject: accounting C.S. Waterway Company had these transactions involving notes payable.July 1, 2022Nov. 1, 2022Dec. 31, 2022Feb. 1, 2023Apr. 1, 2023Prepare 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.)DateBorrows $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.11Account Titles and ExplanationDebitCredit

Journal entries means the primary reporting of the business transactions in the books of accounts.…

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.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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