please answer and explain with all workings (To record adjusting entry for Lyon County State Bank note) Exercise 10-01Marigold Corp. had the following transactions involving notes payable.July 1, 2020Nov. 1, 2020Dec. 31, 2020Feb. 1, 2021Borrows $51,500 from First National Bank by signing a 9-month, 8% note.Borrows $61,800 from Lyon County State Bank by signing a 3-month, 6% note.Prepares adjusting entries.Pays principal and interest to Lyon County State Bank.Apr. 1, 2021 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 theorder presented in the problem.)DateAccount Titles and Explanation(To record adjusting entry for First National Bank note)DebitCredit

A journal entry in accounting is a record of a financial transaction that documents the debit and…

Exercise 10-01 Marigold Corp. had the following transactions involving notes payable. July 1, 2020 Nov. 1, 2020 Dec. 31, 2020 Feb. 1, 2021 Apr. 1, 2021 Borrows $51,500 from First National Bank by signing a 9-month, 8% note. Borrows $61,800 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Date 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record adjusting entry for First National Bank note) Debit Credit

Exercise 10-01 Marigold Corp. had the following transactions involving notes payable. July 1, 2020 Nov. 1, 2020 Dec. 31, 2020 Feb. 1, 2021 Apr. 1, 2021 Borrows $51,500 from First National Bank by signing a 9-month, 8% note. Borrows $61,800 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Date 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record adjusting entry for First National Bank note) Debit Credit

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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