C. S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022 Borrows $77,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2022 Borrows $80,000 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanatio Debit Credit
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title to record accrual of interest from First National Bank
enter a debit amount
enter a credit amount
enter an account title to record accrual of interest from First National Bank
enter a debit amount
enter a credit amount
(To record accrual of interest from First National Bank)
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title to record accrual of interest from Lyon County State Bank
enter a debit amount
enter a credit amount
enter an account title to record accrual of interest from Lyon County State Bank
enter a debit amount
enter a credit amount
(To record accrual of interest from Lyon County State Bank)
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount