Prepare journal entries for each of the transactions.

Rob Judson Company had the following transactions involving notes payable.

July 1, 2010

Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.

Nov. 1, 2010

Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.

Dec. 31, 2010

Prepares adjusting entries.

Feb. 1, 20011

Pays principal and interest to DeKalb State Bank.

Apr. 1, 20011

Pays principal and interest to Third National Bank.

Instructions

Prepare journal entries for each of the transactions.

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