On April 30, 2011, Statewide Bank loaned ($80,000) to Kelsey Sperry on a one-year 11% note.

Question:

On April 30, 2011, Statewide Bank loaned $$80,000$ to Kelsey Sperry on a one-year 11% note. ’

Requirements

1. Journalize all entries related to the note for 2011 and 2012.

2. Which party has a

a. Note receivable?

b. Note payable?

c. Interest revenue?

d. Interest expense?

3. How much in total would Sperry pay the bank if she pays off the note early on November 30, 2011 ?

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