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Make journal entries for each of the transactions

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Question - C.S. Waterway Company had the following transactions involving notes payable.

July 1, 2020 Borrows $53,500 from First National Bank by signing a 9-month, 8% note.

Nov. 1, 2020 Borrows $62,200 from Lyon County State Bank by signing a 3-month, 6% note.

Dec. 31, 2020 Prepares adjusting entries.

Feb. 1, 2021 Pays principal and interest to Lyon County State Bank.

Apr. 1, 2021 Pays principal and interest to First National Bank.

Required - Make journal entries for each of the transactions.

Reference no: EM132696422

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