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. |
Instructions
Prepare journal entries for each of the transactions.