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0 On September 30, 2018, Team Bank loaned 594,000 to Kendall Warner on a one-year, 6% note. Tear's fiscal year ends on December 31. Read
0 On September 30, 2018, Team Bank loaned 594,000 to Kendall Warner on a one-year, 6% note. Tear's fiscal year ends on December 31. Read the requirements, Requirement 1. Joumalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 i Requirements Sep. 30 1. Joumalize all entries for Team Bank related to the note for 2018 and 2019. 2. Which party has a a. note receivable? b. note payable C. interest revenue? d. interest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note? Record the entry to accrue interest revenue on the Warner note at December 31, 2018. (Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2018 Dec. 31 Print Done Journalize the collection of the note from Kendall Warner at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2019 Sep. 30 Requirement 2. Which party has a a. note receivable b. note payable c. interest revenue Kendall Warner d. interest expense Team Bank Requirement 3. Suppose that Kuru.. the note. What entry would Team record for the dishonored note? (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single VIMILUM Requirement 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note? (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2019 Sep. 30 Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit 2018 Sep. 30 Accounts ReceivableKendall Warner Allowance for Bad Debts Bad Debts Expense Cash Record the Interest Receivable t Decembe Date Debit Interest Revenue Note ReceivableKendall Warner Sales Revenue 2018 Dec 31 Date Accounts and Explanation Debit 2018 Sep. 30 t Decembe Debit Record the i Accepted note in exchange for cash. Date Accrued interest revenue. 2018 Collected note receivable plus interest. Record credit sales. Dec. 31 To record dishonored
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