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 Explanation 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 eTextbook and Media

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 Explanation 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 eTextbook and Media

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6AP

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Question

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 Explanation

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

eTextbook and Media

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