On September 30, 2024, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Teams
Question:
On September 30, 2024, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team’s fiscal year ends on December 31.
Requirements
1. Journalize all entries for Team Bank related to the note for 2024 and 2025.
2. Which party has a
a. Note receivable?
b. Note payable?
c. Interest revenue?
d. Interest expense?
3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?
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1 2 3 Date 2024 Sep 30 Dec 31 2025 Sep 30 Accounts and Explanation Notes Receivable Ken...View the full answer
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Related Book For 
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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