Current Liabilities and Payroll Accounting

Problem-06: Current Liabilities and Payroll Accounting

C.S. Lewis Company had the following transactions involving notes payable.

July 1, 2020Borrows $50,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2020Borrows $60,000 from Lyon County Sate Bank by signing a 3-month, 6% note.
Dec. 31, 2020Prepare adjusting entries.
Feb. 1, 2021Pays principal and interest to Lyon County State Bank.
Apr. 1, 2021Pays principal and interest to First National Bank.

Instructions

Prepare journal entries for each of the transactions

Solution

C.S. Lewis Company
Journal Entries

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