Business, 16.04.2020 19:20 kelseeygee

C. S. Cullumber Company had the following transactions involving notes payable. July 1, 2022 Borrows $74,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $77,000 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.

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The Journal entries are the accounting entries that are made in the books of accounts in order to maintain the cash and credit transactions. These transactions are recorded in the form of debit and credit that means the incoming cash is debited and the outgoing cash is credited.

The Journal entries have been attached below.

To know more about the Journal entries of the various transactions, refer to the link below:

link

Answer from: jada6292

The following journal entries will be passed in the books of accounts:

Explanation:

date account and explanation Debit Credit

July 1 Cash 74000

Notes payable-First national bank 74000

Nov 1 Cash 77000

Notes payable-Lyon country state bank 77000

Dec 31 Interest expense 2960

Interest payable 2960

(to record accrued interest)

Interest expense 770

Interest payable 770

(To record accrued interest)

Feb 1 Notes payable-Lyon country state bank 77000

Interest payable 770

Interest expense 385

Cash 78155

(To record amount paid)

Apr 1 Notes payable-First national bank 74000

Interest payable 2960

Interest expense 1480

Cash 78440

(To record amount paid)

C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2022 Borrows

Answer from: Quest

explanation:

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Answer from: Quest

the earnings of a typical investor is around $1,000,000 to $10,000,000

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C. S. Cullumber Company had the following transactions involving notes payable. July 1, 2022 Borrows...

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