Question: Homework Help 7) On August 1, 2023, Castle Inc. lends $16,000 to Knight Co. for 6 months. What journal entrv does Castle Inc. record for

Homework Help

7) On August 1, 2023, Castle Inc. lends $16,000 to Knight Co. for 6 months. What journal entrv does Castle Inc. record for this transaction? 8) (Continuation of question 7). The Note Receivable is established with a 3% annual interest rate, and the terms of the note states that the principal and interest will be due and paid on February 1,2024 . What adjusting journal entry is needed to accrue interest revenue earned for 2023 before Knight Co. prepares financial statements on December 31. 2023? 9) (Continuation of question 7&8 ). On February 1, 2024, Knight Co. pays all principal and interest owed to Castle Inc. Write the journal entry (from the viewpoint of Castle Co.) to record the collection

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