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C.S. Lewis Company had the following transactions involving notes payable. July 1, 2017 Borrows $55,000 from...

C.S. Lewis Company had the following transactions involving notes payable.

July 1, 2017 Borrows $55,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2017 Borrows $66,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2017 Prepares adjusting entries.
Feb. 1, 2018 Pays principal and interest to Lyon County State Bank.

Apr. 1, 2018 Pays principal and interest to First National Bank.

Prepare journal entries for each of the transactions.

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ekkarill92 answered 1 year ago
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