Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 11-1 your answer is partially correct. tr

Exercise 11-1 Your answer is partially correct. Try again. C.S. Lewis Company had the following...

80.2K

Verified Solution

Question

Accounting

image

Exercise 11-1 Your answer is partially correct. Try again. C.S. Lewis Company had the following transactions involving notes payable. July 1, 2017 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2017 Borrows $62,500 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2017 Prepares adjusting entries. Feb. 1, 2018 Pays principal and interest to Lyon County State Bank. Apr. 1, 2018 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. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit TJuly 1, 2017 TCash 50000 Notes Payable 50000 cash Notes Payable 62500 Dec 31, 2017 Interest Expense 2000 2000 Interest Payable (Adjusting entry for First National Bank note.) Interest Expense TDec 31, 2017 Interest Payable (Adjusting entry for Lyon County State Bank note.) Feb. 1, 2018 Notes Payable Interest Expense Interest Payable Cash Apr. 1, 2018 Notes Payable Interest Expense Interest Payable Tcash Cash

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students