CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT C.S. Lewis Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Feb. 1, 2021 Apr. 1, 2021 Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT C.S. Lewis Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Feb. 1, 2021 Apr. 1, 2021 Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

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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Current Attempt in Progress C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1. 2026 Apr. 1, 2026 Borrows $106,950 from First National Bank by signing a 9-month, 8% note. Borrows $110,000 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
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