Answered: Sheffield Corp. had the following…

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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Question

Sheffield Corp. had the following transactions involving notes payable.

July 1, 2020		Borrows $58,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2020		Borrows $69,600 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2020		Prepares adjusting entries.
Feb. 1, 2021		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

Debit

Credit

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title to record adjusting entry for First National Bank note

enter a debit amount

enter a credit amount

enter an account title to record adjusting entry for First National Bank note

enter a debit amount

enter a credit amount

(To record adjusting entry for First National Bank note)

choose a transaction date

enter an account title to record adjusting entry for Lyon County State Bank note

enter a debit amount

enter a credit amount

enter an account title to record adjusting entry for Lyon County State Bank note

enter a debit amount

enter a credit amount

(To record adjusting entry for Lyon County State Bank note)

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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