orrows $62,000 from Lyon County St repares adjusting entries. ays principal and interest to Lyon Cou ays principal and interest to First Nati

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 automa
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter
amounts. Record journal entries in the order presented in the problem.)
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 automa indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter amounts. Record journal entries in the order presented in the problem.)
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