Bank of Montreal lent $100,000 to Christine Kleuters on a 90-day, 8% note. Record the following transactions
Question:
Record the following transactions for Bank of Montreal (explanations are not required):
1. Lending the money on June 12.
2. Collecting the principal and interest at maturity. Specify the date. For the computation of interest, use a 360-day year.
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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