C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022 Borrows $77,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $80,000 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
C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022 Borrows $77,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $80,000 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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C.S. Ivanhoe Company had the following transactions involving notes payable.
Preparejournal 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.)
| July 1, 2022 | Borrows $77,000 from First National Bank by signing a 9-month, 8% note. | |
| Nov. 1, 2022 | Borrows $80,000 from Lyon County State Bank by signing a 3-month, 6% note. | |
| Dec. 31, 2022 | Prepares |
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| Feb. 1, 2023 | Pays principal and interest to Lyon County State Bank. | |
| Apr. 1, 2023 | Pays principal and interest to First National Bank. |
Prepare
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Account Titles and Explanation
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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