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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer and explain with all workings
Transcribed Image Text:(To record adjusting entry for Lyon County State Bank note)
Transcribed Image Text:Exercise 10-01
Marigold Corp. had the following transactions involving notes payable.
July 1, 2020
Nov. 1, 2020
Dec. 31, 2020
Feb. 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.
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 the
order presented in the problem.)
Date
Account Titles and Explanation
(To record adjusting entry for First National Bank note)
Debit
Credit
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