On September 30, 2013, Synergy Bank loaned $ 88,000 to Kendall Kelsing on a one-year, 12% note.

Question:

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?

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jan 16, 2015 08:52 AM

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On September 30, 2013, Synergy Bank loaned $ 88,000 to Kendall Kelsing on a one-year, 12% note.

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Requirement 1 Date Accounts and Explanation Debit Credit 2013 Sep 30 Notes Receivab...View the full answer

Horngrens Financial and Managerial Accounting

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