Udala Uke's had the following transactions involving notes payable: July 1, 2021 Borrows $50,000 from First National Bank by signing a nine-month, 8% note. Nov. 1, 2021 Borrows $60,000 from Interprovincial Bank by signing a three-month, 6% note. Prepares annual year-end adjusting entries. Dec. 31, 2021 Feb. 1, 2022 April 1, 2022 Pays principal and interest to Interprovincial Bank. Pays principal and interest to First Nations Bank. Instructions Prepare journal entries for each of the transactions above. (Record journal entries in the order presented in the problem above.)
Udala Uke's had the following transactions involving notes payable: July 1, 2021 Borrows $50,000 from First National Bank by signing a nine-month, 8% note. Nov. 1, 2021 Borrows $60,000 from Interprovincial Bank by signing a three-month, 6% note. Prepares annual year-end adjusting entries. Dec. 31, 2021 Feb. 1, 2022 April 1, 2022 Pays principal and interest to Interprovincial Bank. Pays principal and interest to First Nations Bank. Instructions Prepare journal entries for each of the transactions above. (Record journal entries in the order presented in the problem above.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Udala Uke's had the following transactions involving notes payable:
July 1, 2021
Borrows $50,000 from First National Bank by signing a nine-month, 8%
note.
Nov. 1, 2021
Borrows $60,000 from Interprovincial Bank by signing a three-month, 6%
note.
Prepares annual year-end adjusting entries.
Dec. 31, 2021
Feb. 1, 2022
April 1, 2022
Pays principal and interest to Interprovincial Bank.
Pays principal and interest to First Nations Bank.
Instructions
Prepare journal entries for each of the transactions above. (Record journal entries in the order
presented in the problem above.)
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