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Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares annual 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. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares annual 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. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...
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Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares annual 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. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Transcribed Image Text:Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $64,800 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares annual 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. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation Debit Credit (To record adjusting entry for First National Bank note) (To record adjusting entry for Lyon County State Bank note) > > > >
Transcribed Image Text:Date Account Titles and Explanation Debit Credit (To record adjusting entry for First National Bank note) (To record adjusting entry for Lyon County State Bank note) > > > >
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