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C.S. Oriole Company had the following transactions involving notes payable. July 1, 2022   Borrows $44,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $47,000 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. Oriole Company had the following transactions involving notes payable. July 1, 2022   Borrows $44,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $47,000 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

FINANCIAL ACCOUNTING
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. Oriole Company had the following transactions involving notes payable.

July 1, 2022   Borrows $44,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2022   Borrows $47,000 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
Cred
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