C. S. Cullumber Company had the following transactions involving notes payable. July 1, 2022 Borrows $74,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $77,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank.
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