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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
Feb. 1, 2021
Pays principal and interest to Lyon County State Bank.
Pays principal and interest to First National Bank.
Аpг. 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.)
Date
Account Titles and Explanation
Debit
Credit
(Adjusting entry for First National Bank note.)
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Read, Study
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Assignment
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Downloadable eTextbook
Assignment > Open Assignment
CALCULATOR
FULL SCREEN
PRINTER VERSION
( BACK
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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.
Feb. 1, 2021
Pays principal and interest to Lyon County State Bank.
Pays principal and interest to First National Bank.
Аpг. 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.)
Date
Account Titles and Explanation
Debit
Credit
(Adjusting entry for First National Bank note.)
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(Adjusting entry for Lyon County State Bank note.)
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(Adjusting entry for First National Bank note.)
(Adjusting entry for Lyon County State Bank note.)
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SAVE FOR LATER
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