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Prepare record accrual of interest from first national bank

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Reference no: EM132487696

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

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.

Question 1: Prepare journal 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.)

Question 2: Prepare a record accrual of interest from First National Bank

Reference no: EM132487696

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