2. Rob Judson Company had the following transactions involving notes payable A+

Rob Judson Company had the following transactions involving notes payable.

July 1, 2011 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.

November 1,2011 Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.

December 31, 2011 Prepares adjusting entries.

February 1, 2012 Pays principal and interest to DeKalb State Bank.

April 1, 2012 Pays principal and interest to Third National Bank.

Prepare journal entries for each of the transactions shown above.

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