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subject :financial accounting
question:
Question 4 (Total of 9.50 marks) Udala Uke's had the following transactions involving notes payable: July 1, 2021 Borrows $50,000 from First National Bank by signing a nine-month, 8% note. Nov. 1, 2021 Borrows $60,000 from Interprovincial Bank by signing a three-month, 6% note. Prepares annual year-end adjusting entries. Dec. 31, 2021 Feb. 1, 2022 April 1, 2022 Pays principal and interest to Interprovincial Bank. | Pays principal and interest to First Nations Bank. Instructions Prepare journal entries for each of the transactions above. (Record journal entries in the order presented in the problem above.)