I could really use some help with this ### Whispering Winds Corp. Notes Payable Transactions#### Transactions Overview- **July 1, 2022:** Borrowed $55,000 from First National Bank by signing a 9-month, 8% note.- **November 1, 2022:** Borrowed $66,000 from Lyon County State Bank by signing a 3-month, 6% note.- **December 31, 2022:** Prepared adjusting entries.- **February 1, 2023:** Paid principal and interest to Lyon County State Bank.- **April 1, 2023:** Paid principal and interest to First National Bank.#### Instructions for Preparing Journal Entries- Prepare journal entries for each of the transactions.- **Note:** Credit account titles are automatically indented when the amount is entered. Do not indent manually.- Record journal entries in the order presented in the problem.#### Journal Entry Template| Date | Account Titles and Explanation | Debit | Credit ||--------------------|---------------------------------------------------------------|-------|--------|| July 1, 2022 | | | || November 1, 2022 | | | || December 31, 2022 | | | || February 1, 2023 | | | || April 1, 2023 | | | |*(To record adjusting entry for First National Bank note)*This table and instructions will guide students in organizing and recording the financial transactions related to notes payable for Whispering Winds Corp. **Adjusting Entries for Bank Notes**This section is designed to assist students in understanding how to record adjusting entries for bank notes. The entries are categorized by different dates and include entries for two specific bank notes: First National Bank and Lyon County State Bank.- **Dropdown Menu Options for Date Selection:** - July 1, 2022 - November 1, 2022 - December 31, 2022 - February 1, 2023 - April 1, 2023- **Adjusting Entry for First National Bank Note:** - **Date:** February 1, 2023 - This section includes several blank text boxes organized in rows and columns for inputting adjusting entry details, such as debits, credits, and descriptions.- **Adjusting Entry for Lyon County State Bank Note:** - **Date:** April 1, 2023 - Similar to the previous section, this part includes blank text boxes for users to enter data related to the adjustments for the Lyon County State Bank note.Students are encouraged to use these sections to practice entering journal entries accurately in preparation for financial reporting.

A journal entry is a record of a financial transaction in a company's accounting system. It…

Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows $55,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $66,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 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 iournal entries in the order presented in the prohlem )

Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows $55,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $66,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 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 iournal entries in the order presented in the prohlem )

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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