C.S. Lewis Company had the following transactions involving notes payable.
|
July 1, 2012 |
Borrows $50,000 from Fourth National Bank by signing a 9 month, 12% note. |
|
Nov. 1, 2012 |
Borrows $60,000 from Livingston State Bank by signing a 3 month, 10% note. |
|
Dec. 31, 2012 |
Prepares adjusting entries. |
|
Feb. 1, 2013 |
Pays principal and interest to Livingston State Bank. |
|
Apr. 1, 2013 |
Pays principal and interest to Fourth National Bank. |
Instructions
Prepare journal entries for each of the transactions.