On September 30, 2016, Regal Bank loaned $92,000 to Kim Warner on a one-year, 6% note. Regals
Question:
Requirements
1. Journalize all entries for Regal Bank related to the note for 2016 and 2017.
2. Which party has a
a. note receivable?
b. note payable?
c. interest revenue?
d. interest expense?
3. Suppose that Kim Warner defaulted on the note. What entry would Regal record for the dishonored note?
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Requirement 1 Date Accounts and Explanation Debit Credit 2016 Sep 30 Notes Rec...View the full answer
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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