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Prepare journal entries for each of the transactions

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Question - C.S. Blossom Company had the following transactions involving notes payable. Prepare journal entries for each of the transactions.

July 1, 2022 Borrows $68,000 from First National Bank by signing a 9-month, 8% note.

Nov. 1, 2022 Borrows $71,000 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.

Reference no: EM133079577

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