July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $58,950 from First National Bank by signing a 9-month, 8% note. Borrows $62,000 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.
July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $58,950 from First National Bank by signing a 9-month, 8% note. Borrows $62,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![C.S. Carla Vista Company had the following transactions involving notes payable.
July 1, 2025
Nov. 1, 2025
Dec. 31, 2025
Feb. 1, 2026
Apr. 1, 2026
Borrows $58,950 from First National Bank by signing a 9-month, 8% note.
Borrows $62,000 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 0 for the amounts. Record journal
entries in the order presented in the problem.)
Account Titles and Explanation
Date
(To record accrual of interest from First National
Bank)
(To record accrual of interest from Lyon County
State Bank)
Debit
[
] [
[
[
[
[
[](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf1e6d86-3a81-40e6-9407-22084f116511%2F8221b845-7d18-4a8a-aa98-7ffef42f1226%2Fy1gs3ee_processed.png&w=3840&q=75)
Transcribed Image Text:C.S. Carla Vista Company had the following transactions involving notes payable.
July 1, 2025
Nov. 1, 2025
Dec. 31, 2025
Feb. 1, 2026
Apr. 1, 2026
Borrows $58,950 from First National Bank by signing a 9-month, 8% note.
Borrows $62,000 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 0 for the amounts. Record journal
entries in the order presented in the problem.)
Account Titles and Explanation
Date
(To record accrual of interest from First National
Bank)
(To record accrual of interest from Lyon County
State Bank)
Debit
[
] [
[
[
[
[
[
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