Question 7 Your answer is partially correct Sheffield Corp. had the following transactions involving notes...
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Question 7 Your answer is partially correct Sheffield Corp. had the following transactions involving notes payable. July 1, 2019 Nov. 1, 2019 Dec. 31,2019 Feb. 1, 2020 Apr. 1,2020 Borrows $ 58,000 from First National Bank by signing a 9-month, 8% note. Borrows $ 69,600 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journalentries 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.) Date Account Titles and Explanation Debit Credit July 1.2019 Cash 58000 Notes Payable 58000 November 1, 2019 Cash 69600 Notes Payable 69600 December 31,2019 interest Expense Interest Payable To record adjusting entry for First National Bank note)
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