On August 31, 2016, Diane Fields borrowed $4,000 from Ferris State Bank. Fields signed a note payable,

Question:

On August 31, 2016, Diane Fields borrowed $4,000 from Ferris State Bank. Fields signed a note payable, promising to pay the bank principal plus interest on August 31, 2017. The interest rate on the note is 9%. The accounting year of Ferris State Bank ends on June 30, 2017. Journalize Ferris State Bank's
a. Lending money on the note receivable at August 31, 2016,
b. Accrual of interest at June 30, 2017, and
c. Collection of principal and interest at August 31, 2017, the date of the note.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...