C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022 Borrows $59,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $62,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.
C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022 Borrows $59,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $62,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 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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C.S. Carla Vista Company had the following transactions involving notes payable.
| July 1, 2022 | Borrows $59,000 from First National Bank by signing a 9-month, 8% note. | |
| Nov. 1, 2022 | Borrows $62,000 from Lyon County State Bank by signing a 3-month, 6% note. | |
| Dec. 31, 2022 | Prepares |
|
| Feb. 1, 2023 | Pays principal and interest to Lyon County State Bank. | |
| Apr. 1, 2023 | Pays principal and interest to First National Bank. |
Prepare
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