Rob Judson Company had the following transactions involving notes payable.
July 1, 2008 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.
Nov. 1, 2008 Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.
Dec. 31, 2008 Prepares adjusting entries.
Feb. 1, 2009 Pays principal and interest to DeKalb State Bank.
Apr. 1, 2009 Pays principal and interest to Third National Bank.
Instructions
Prepare journal entries for each of the transactions shown above.
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