On August 31, 2021, Brooke Tuck borrowed $6,000 from Commonwealth State Bank. Tuck signed a note...
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On August 31, 2021, Brooke Tuck borrowed $6,000 from Commonwealth State Bank. Tuck signed a note payable, promising to pay the bank principal plus interest on August 31, 2022. The interest rate on the note is 6%. The accounting year of Commonwealth State Bank ends on June 30, 2022. Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31, 2021, (b) accrual of interest at June 30, 2022, and (c) collection o principal and interest at August 31, 2022, the maturity date of the note. Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31, 2021, (b) accrual of interest at June 30, 2022, and (c) collection of principal and interest at August 31, 2022, the maturity date of the note. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Prepare the journal entry for the issuance of the note receivable on August 31, 2021. Date 2021 Aug 31 Journal Entry Accounts Debit Credit On August 31, 2021, Brooke Tuck borrowed $6,000 from Commonwealth State Bank. Tuck signed a note payable, promising to pay the bank principal plus interest on August 31, 2022. The interest rate on the note is 6%. The accounting year of Commonwealth State Bank ends on June 30, 2022. Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31, 2021, (b) accrual of interest at June 30, 2022, and (c) collection o principal and interest at August 31, 2022, the maturity date of the note. Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31, 2021, (b) accrual of interest at June 30, 2022, and (c) collection of principal and interest at August 31, 2022, the maturity date of the note. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Prepare the journal entry for the issuance of the note receivable on August 31, 2021. Date 2021 Aug 31 Journal Entry Accounts Debit Credit
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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