FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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C.S. Lewis Company had the following transactions involving notes payable.

July 1, 2015   Borrows $53,500 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2015   Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2015   Prepares adjusting entries.
Feb. 1, 2016   Pays principal and interest to Lyon County State Bank.
Apr. 1, 2016   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.)

Date
Account Titles and Explanation
Debit
Credit
July 1, 2015
 
 
 
 
 
 
 
Nov. 1, 2015
 
 
 
 
 
 
 
Dec. 31, 2015
 
 
 
 
 
 
 
 
(Adjusting entry for First National Bank note.)
   
Dec. 31, 2015
 
 
 
 
 
 
 
 
(Adjusting entry for Lyon County State Bank note.)
   
Feb. 1, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apr. 1, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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