#22 & #23

allowance method. uin E9-22 Journalizing credit sales, note receivable transactions, and accr interest Endurance Running Shoes reports the following: 2018 May 6 Recorded credit sales of $102,000. Ignore Cost of Goods Sold. Jul. 1 Loaned $18,000 to Jerry Paul, an executive with the company, on a one-year 7% note. Dec. 31 Accrued interest revenue on the Paul note. 2019 Jul. 1 Collected the maturity value of the Paul note. Journalize all entries required for Endurance Running Shoes. E923 Journalizing note receivable transactions including a dishonored note On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 690 note. Team's fiscal year ends on December 31. Requirements 1. Journalize 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. intcrest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored