Question: On September 30 2016 Regal Bank loaned 92 000 to Kim

On September 30, 2016, Regal Bank loaned $92,000 to Kim Warner on a one-year, 6% note. Regal’s fiscal year ends on December 31.
Requirements
1. Journalize all entries for Regal Bank related to the note for 2016 and 2017.
2. Which party has a
a. note receivable?
b. note payable?
c. interest revenue?
d. interest expense?
3. Suppose that Kim Warner defaulted on the note. What entry would Regal record for the dishonored note?

View Solution:


Sale on SolutionInn
Sales4
Views242
Comments
  • CreatedJune 15, 2015
  • Files Included
Post your question
5000