Oriole Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $59,500 from First National Bank by signing a 9-month, 8% note. Borrows $71,400 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank.
Oriole Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $59,500 from First National Bank by signing a 9-month, 8% note. Borrows $71,400 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oriole Company had the following transactions involving notes payable.
July 1, 2022
Nov. 1, 2022
Dec. 31, 2022
Feb. 1, 2023
Apr. 1, 2023
Borrows $59,500 from First National Bank by signing a 9-month, 8% note.
Borrows $71,400 from Lyon County State Bank by signing a 3-month, 6% note.
Prepares annual 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. (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 tities and enter o for the amounts.)
Date
Account Titles and Explanation
(To record adjusting entry for First National Bank note)
(To record adjusting entry for Lyon County State Bank
note)
Debit
Credit
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