C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022   Borrows $77,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $80,000 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. (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 Account Titles and Explanation Debit Credit choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 enter an account title to record accrual of interest from First National Bank enter a debit amount enter a credit amount   enter an account title to record accrual of interest from First National Bank enter a debit amount enter a credit amount   (To record accrual of interest from First National Bank)     choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 enter an account title to record accrual of interest from Lyon County State Bank enter a debit amount enter a credit amount   enter an account title to record accrual of interest from Lyon County State Bank enter a debit amount enter a credit amount   (To record accrual of interest from Lyon County State Bank)     choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   eTextbook and Media

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C.S. Ivanhoe Company had the following transactions involving notes payable.

July 1, 2022   Borrows $77,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2022   Borrows $80,000 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. (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
Account Titles and Explanation
Debit
Credit
choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title to record accrual of interest from First National Bank
enter a debit amount
enter a credit amount
 
enter an account title to record accrual of interest from First National Bank
enter a debit amount
enter a credit amount
  (To record accrual of interest from First National Bank)    
choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title to record accrual of interest from Lyon County State Bank
enter a debit amount
enter a credit amount
 
enter an account title to record accrual of interest from Lyon County State Bank
enter a debit amount
enter a credit amount
  (To record accrual of interest from Lyon County State Bank)    
choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date                                                           July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 

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