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9 On August 1, 2023, Shark loaned $ 20,000.00 to Needs A Break Corp. 14 points The terms are Six-month note due January 30, 2024

9 On August 1, 2023, Shark loaned $ 20,000.00 to Needs A Break Corp. 14 points

The terms are

Six-month note due January 30, 2024

Interest Rate 6.00%

Interest and principle to be paid on the due date.

REQUIREMENTS

a. Record the August 1, 2023 in the general journal

b. Record Shark's December 31, 2023 adjusting entries and closing entries related to the loan.

c. Record Shark's January 30, 2024 receipt of cash from Needs A Break Corp.

d. What is Shark's interest revenue in 2023 and 2024

e. Show Shark's cash receipts for 2023 and 2024

a/b/c Journal Entries

Date Account Debit Credit

2023 2024

d. Interest Revenue

e. Cash Received

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Previous Question Next Question

9	On August 1, 2023, Shark loaned		$ 20,000.00	to Needs A Break Corp.	14 points
	The terms are
		Six-month note due January 30, 2024
		Interest Rate	6.00%
		Interest and principle to be paid on the due date.
	REQUIREMENTS
	a. Record the August 1, 2023 in the general journal
	b. Record Shark's December 31, 2023 adjusting entries and closing entries related to the loan.
	c. Record Shark's January 30, 2024 receipt of cash from Needs A Break Corp.
	d. What is Shark's interest revenue in 2023 and 2024
	e. Show Shark's cash receipts for 2023 and 2024

	a/b/c Journal Entries
	Date	Account	Debit	Credit















			2023	2024
	d. Interest Revenue
	e. Cash Received