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
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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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C.S. Ivanhoe Company had the following transactions involving notes payable.
Preparejournal 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.)
| 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 |
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| Feb. 1, 2023 | Pays principal and interest to Lyon County State Bank. | |
| Apr. 1, 2023 | Pays principal and interest to First National Bank. |
Prepare
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023
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