Current Attempt in ProgressC.S. Cullumber Company had the following transactions involving notes payable.July 1, 2025Nov. 1, 2025Dec. 31, 2025Feb. 1. 2026Apr. 1, 2026Borrows $106,950 from First National Bank by signing a 9-month, 8% note.Borrows $110,000 from Lyon County State Bank by signing a 3-month, 6% note.Prepares adjusting entries.Pays principal and interest to Lyon County State Bank.Pays principal and interest to First National Bank.Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Current Attempt in ProgressC.S. Cullumber Company had the following transactions involving notes payable.July 1, 2025Nov. 1, 2025Dec. 31, 2025Feb. 1. 2026Apr. 1, 2026Borrows $106,950 from First National Bank by signing a 9-month, 8% note.Borrows $110,000 from Lyon County State Bank by signing a 3-month, 6% note.Prepares adjusting entries.Pays principal and interest to Lyon County State Bank.Pays principal and interest to First National Bank.Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Current Attempt in Progress C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $106,950 from First National Bank by signing a 9-month, 8% note. Borrows $110,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank.

Current Attempt in Progress C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $106,950 from First National Bank by signing a 9-month, 8% note. Borrows $110,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6AP

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