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Make journal entries for each of the transactions

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Reference no: EM132962964

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

  • July 1, 2022 Borrows $101,000 from First National Bank by signing a 9-month, 8% note.
  • Nov 1, 2022 Borrows $104,000 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.

Problem 1: Prepare journal entries for each of the transactions.

Reference no: EM132962964

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