Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January...
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Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank's Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 Notes Receivable: Patel Sales Revenue B. Dec. 31, 2018 Interest Receivable: Patel Interest Revenue C. Dec. 31, 2019 Cash Notes Receivable: Patel Interest Receivable: Patel Interest Revenue 0000 00 00 Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank's Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 Notes Receivable: Patel Sales Revenue B. Dec. 31, 2018 Interest Receivable: Patel Interest Revenue C. Dec. 31, 2019 Cash Notes Receivable: Patel Interest Receivable: Patel Interest Revenue 0000 00 00
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