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25) On October 1, 2023, the Early Bank lends $10,000 at 5% to a customer on a six month note. The bank accrues interest on
25) On October 1, 2023, the Early Bank lends $10,000 at 5% to a customer on a six month note. The bank accrues interest on the note at December 31, 2023. | ||||||||||
1. Journalize the bank's journal entry on December 31, 2023. Omit the explanation. | ||||||||||
2. Journalize the bank's journal entry for the note at the maturity date. Omit the explanation. | ||||||||||
Accounts | Debit | Credit | ||||||||
Interest Receivable | 1500 | |||||||||
Interest Revenue | 1500 |
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