Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $60,000 from First National Bank by signing a 9-month, 8% note. Borrows $72,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Date 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Account Titles and Explanation 10 Debit |||| Credi

Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $60,000 from First National Bank by signing a 9-month, 8% note. Borrows $72,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Date 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Account Titles and Explanation 10 Debit |||| Credi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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