C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $64,400 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 journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $64,400 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 journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C.S.Vaughn Company had these transactions involving notes payable.
July 1, 2022
Borrows $51,500 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2022
Borrows $64,400 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 journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Date
<
Account Titles and Explanation
(Adjusting entry for First National Bank note.)
(Adjusting entry for Lyon County State Bank note.)
Debit
Credit
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