Gaber Co. lends Ameer Co. $40,000 on June 1, accepting a four-month, 6% interest note. 

If Gaber Wolder presents the note to Ameer Co. on Oct. 1, the maturity date, and receive the amount.

Prepare the journal entries

Date		Debit	Credit

 

 

Question 4:

On June 1, Naser Co. lent Yazan Co. $60,000, and accept a two-month, 5% interest note. 

On Aug. 1, the maturity date, Naser Wolder presented the note to Yazan Co. but Yazan refused to pay the amount.

Prepare the journal entries

Date		Debit	Credit

Answer rating: 100% (QA)

Solution Journal entries Date Accounts titles and ex... View the full answer