Lender Company incurred the following transactions in January: 1/15 Accepted a $10,000, 60-day 8% note as...

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Lender Company incurred the following transactions in January: 1/15 Accepted a $10,000, 60-day 8% note as extension of Late Company's overdue accounts receivable. 1/20 Loaned $50,000 to Borrower Company in exchange for a 50-day 12% note. 1/24 Loaned $15,000 to Brother Company in exchange for a 45-day 5% note. a. Record the preceding transactions for Lender Company assuming it uses the 360-day convention. b. Record adjusting entries January 31st and February 28th (assume February has 28 days). c. Record the journal entries at maturity. Lender Company incurred the following transactions in January: 1/15 Accepted a $10,000, 60-day 8% note as extension of Late Company's overdue accounts receivable. 1/20 Loaned $50,000 to Borrower Company in exchange for a 50-day 12% note. 1/24 Loaned $15,000 to Brother Company in exchange for a 45-day 5% note. a. Record the preceding transactions for Lender Company assuming it uses the 360-day convention. b. Record adjusting entries January 31st and February 28th (assume February has 28 days). c. Record the journal entries at maturity.

Answer rating: 100% (QA)

a Recording the preceding transactions for Lender Company assuming it uses the 360day convention January 15 Debit Notes Receivable Late Company 10000 ... View the full answer