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Prepare journal entries for each of the transactions

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Reference no: EM133115094

Question - Udala Uke's had the following transactions involving notes payable.

July 1, 2021 Borrows $42,000 from First National Bank by signing a nine-month, 8% note.

Nov. 1, 2021 Borrows $50,400 from Interprovincial Bank by signing a three-month, 6% note.

Dec. 31, 2021 Prepares annual year-end adjusting entries.

Feb. 1, 2022 Pays principal and interest to Interprovincial Bank.

Apr. 1, 2022 Pays principal and interest to First National Bank.

Required - Prepare journal entries for each of the transactions.

Reference no: EM133115094

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