Acc291 Principles of Accounting: E10-1 Rob Judson Company had the following transactions

Acc291 Principles of Accounting

E10-1
Rob Judson Company had the following transactions involving notes payable.
1-Jul-11 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.
1-Nov-11 Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.
31-Dec-11 Prepares adjusting entries.
1-Feb-12 Pays principal and interest to DeKalb State Bank.
1-Apr-12 Pays principal and interest to Third National Bank.

Prepare journal entries for each of the transactions shown above. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)


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