On September 30, 2016, Oak Bank loaned $78,000 to Kara Warner on a one-year, 9% note....

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On September 30, 2016, Oak Bank loaned $78,000 to Kara Warner on a one-year, 9% note. Oak's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Oak Bank related to the note for 2016 and 2017. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the loan on September 30, 2016. Date Accounts and Explanation Debit Credit 2016 Sep. 30 Record the entry to accrue interest revenue on the Warner note at December 31, 2016. (Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2016 Dec. 31 Journalize the collection of the note from Kara Wamer at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2017 Journalize the collection of the note from Kara Wamer at maturity. (Prepare a single compound joumal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Сredit 2017 Sep. 30 Requirement 2. Which party has a a. note receivable b. note payable c. interest revenue d. interest expense Requirement 3. Suppose that Kara Warner defaulted on the note. What entry would Oak record for the dishonored note? (Record debits first, then credits. Select the explanation on the last line of the joumal entry table. Prepare a single compound joumal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2017 Sep. 30 Requirements 1. Journalize all entries for Oak 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 Kara Warner defaulted on the note. What entry would Oak record for the dishonored note? On September 30, 2016, Oak Bank loaned $78,000 to Kara Warner on a one-year, 9% note. Oak's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Oak Bank related to the note for 2016 and 2017. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the loan on September 30, 2016. Date Accounts and Explanation Debit Credit 2016 Sep. 30 Record the entry to accrue interest revenue on the Warner note at December 31, 2016. (Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2016 Dec. 31 Journalize the collection of the note from Kara Wamer at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2017 Journalize the collection of the note from Kara Wamer at maturity. (Prepare a single compound joumal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Сredit 2017 Sep. 30 Requirement 2. Which party has a a. note receivable b. note payable c. interest revenue d. interest expense Requirement 3. Suppose that Kara Warner defaulted on the note. What entry would Oak record for the dishonored note? (Record debits first, then credits. Select the explanation on the last line of the joumal entry table. Prepare a single compound joumal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2017 Sep. 30 Requirements 1. Journalize all entries for Oak 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 Kara Warner defaulted on the note. What entry would Oak record for the dishonored note?

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Answer Requirement1 Journal Entries for Oka Bank related to the note for 2016 and 2017 Da... View the full answer