Question: Sorry I don't have enough question to post these separately please if you answer this question please answer both questions thank you in advance Jung
Sorry I don't have enough question to post these separately please if you answer this question please answer both questions thank you in advance



Jung & Newbicalm Advertising (JNA) recently hired a new creative director, Howard Rachell, for its Madison Avenue office in New York To persuade Howard to move from San Francisco, JNA agreed to advance him $130,000 on April 30, 2018, on a one-year, 9 percent note, with interest payments required on October 31, 2018, and April 30, 2019. JNA issues quarterly financial statements on March 31, June 30, September 30, and December 31 Prepare journal entries to record the note's issuance, interest earned, and interest payments received for each quarter and on each payment date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount) View transaction list 1 Record the receipt of a note on April 30, 2018 for a $130,000 loan to the new creative director. the new 2 Record the interest accrued on the note as of June 30, 2018 3 Record the interest accrued on the note as of September 30, 2018 Credit 4 Record the receipt of interest for the period ending October 31, 2018 Record the interest accrued on the note as of December 31, 2018 5 6 Rerord the interest arcrued nn the note as nf Marrh 31 Note: journal entry has been entered Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
