Question

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?


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  • CreatedJune 15, 2015
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