Debit | Credit | |||
Nov. 1,2019 | Cash | 120000 | ||
Notes Payable | 120000 | |||
Dec. 31,2019 | Interest expense | 2000 | =120000*10%*2/12 | |
Interest payable | 2000 | |||
Feb. 1,2019 | Notes Payable | 120000 | ||
Interest expense | 1000 | =120000*10%*1/12 | ||
Interest payable | 2000 | |||
Cash | 123000 |
Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2019 Dec. 31...
Problem #2 Current Liabilities - Interest Dunlin Development Company had the following transactions involving notes payable. Nov. 1, 2019 Borrows $120.000 from Merchants and Marine Bank by signing a 3-month, 10% note Prepares the adjusting entry. Pays principal and interest to Merchants and Marine Bank Dec 31, 2019 Feb. 1, 2020 Instructions November 1, 2019 December 31, 2019 February 1, 2020
5. Wellington Company had the following transactions involving notes payable. Nov. 1, 2017 Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note. Dec. 31, 2017 Feb. 1, 2018 Prepares the adjusting entry. Pays principal and interest to Olathe State Bank. Instructions Prepare journal entries for each of the transactions.
с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
Bramble Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $56,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $67,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles...
C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2014 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2014 Prepares adjusting entries. Feb. 1, 2015 Pays principal and interest to Lyon County State Bank. Apr. 1, 2015 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022 Borrows $92,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $95,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank.
C.S. Sheridan Company had the following transactions involving notes payable. July 1, 2022 Borrows $53,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $56,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.
C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec 31, 2022 Feb. 1, 2023 Apr 1, 2023 Borrows $74,000 from First National Bank by signing a 9-month, 8% note. Borrows 577,000 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. (Credit account...
D.T. Cucumber Company had the following transactions involving notes payable. July 1, 2022 Borrows $107,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $110,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. Date Account...
Exercise 10-1 C.S. Lewis Company had the following transactions involving notes payable. July 1, 2017 Nov. 1, 2017 Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6 % note. Dec. 31, 2017 Prepares adjusting entries. Feb. 1, 2018 Pays prindpal and interest to Lyon County State Bank. Apr. 1, 2018 Borrows $54,000 from First National Bank by signing a 9-month, 8 % note . Pays prindpal and interest to First National Bank Prepare journal entries for each...