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.
Prepare journal entries for each of the transactions.