On May 31, 2016, Nancy Thomas borrowed $6,000 from Assiniboine Credit Union. Thomas signed a note payable,
Question:
On May 31, 2016, Nancy Thomas borrowed $6,000 from Assiniboine Credit Union. Thomas signed a note payable, promising to pay the credit union principal plus interest on May 31, 2017. The interest rate on the note is 8%. The accounting year of Assiniboine Credit Union ends on December 31, 2016. Journalize Assiniboine Credit Union's
(a) Lending money on the note receivable at May 31, 2016,
(b) Accruing interest at December 31, 2016, and
(c) Collecting the principal and interest at May 31, 2017, the maturity date of the note?
MaturityMaturity 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...
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2016 a May 31 Note Receivable X N Thomas 6000 Cash 6000 To loan money 2016 b Dec 31 I...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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