FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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Debit
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Credit
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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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(To record accrual of interest from First National Bank) | ||||
July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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(To record accrual of interest from Lyon County State Bank) | ||||
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