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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
C.S. Ivanhoe Company had the following transactions involving notes payable.
Preparejournal 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.)
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 |
|
Feb. 1, 2023 | Pays principal and interest to Lyon County State Bank. | |
Apr. 1, 2023 | Pays principal and interest to First National Bank. |
Prepare
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) | ||||
|
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
|
||
|
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education