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Prepare journal entries for each of the transactions

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Reference no: EM131763998

Question - Willingham Company had the following transactions involving notes payable.

Aug. 1, 2017 Borrows $200,000 from Fourth National Bank by signing a 9-month, 12% note.

Dec. 1, 2017 Borrows $120,000 from Arkansas State Bank by signing a 3-month, 10% note.

Dec. 31, 2017 Prepares adjusting entries.

March 1, 2018 Pays principal and interest to Arkansas State Bank.

May 1, 2018 Pays principal and interest to Fourth National Bank.

Instructions - Prepare journal entries for each of the transactions.

Reference no: EM131763998

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