Nova Corporation hired a new product manager and agreed to provide her a $ 20,000 relocation loan

Question:

Nova hired a new product manager and agreed to provide her a $ 20,000 relocation loan on a six-month, 7 percent note. Prepare journal entries to record the following transactions for Nova Rather than use letters to reference each transaction, use the date of the transaction.
a. The company loans the money on January 1.
b. The new employee pays Nova the interest owed on the date.
c. The new employee pays Nova the full principal owed on the date.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...