Question: On September 30 2013 Synergy Bank loaned 88 000 to

On September 30, 2013, Synergy Bank loaned $ 88,000 to Kendall Kelsing on a one-year, 12% note. Synergy’s fiscal year ends on December 31.

Requirements
1. Journalize all entries for Synergy Bank related to the note for 2013 and 2014.
2. Which party has a
a. Note receivable?
b. Note payable?
c. interest revenue?
d. Interest expense?
3. Suppose that Kendall Kelsing defaulted on the note. What entry would Synergy record for the dishonored note?


View Solution:


Sale on SolutionInn
Sales2
Views133
Comments
  • CreatedJanuary 16, 2015
  • Files Included
Post your question
5000