10-1 Wiley plus accounting
brose08C.S. Lewis Company had the following transactions involving notes payable.
July 1, 2015Borrows $51,500 from First National Bank by signing a 9-month, 8% note.Nov. 1, 2015Borrows $63,600 from Lyon County State Bank by signing a 3-month, 6% note.Dec. 31, 2015Prepares adjusting entries.Feb. 1, 2016Pays principal and interest to Lyon County State Bank.Apr. 1, 2016Pays principal and interest to First National Bank.
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