C S Lewis Company had the following transactions involving notes payable July
C.S. Lewis Company had the following transactions involving notes payable.
July 1, 2019 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2019 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2019 Prepares adjusting entries.
Feb. 1, 2020 Pays principal and interest to Lyon County State Bank.
Apr. 1, 2020 Pays principal and interest to First National Bank.
Prepare journal entries for each of the transactions.
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