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C S Lewis Company had the following transactions involving notes payable July CS Lewis Company had the following transactions involving notes payable July 1 2019 Borrows $50000 from

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.

Instructions

Prepare journal entries for each of the transactions.

Apr 04 2020 View more View Less

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