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Blackwater Company Ltd. completed the following transactions: June 1, 2020: Loaned Stillwater Company $30,000 on a one year, 5% note receivable. Dec. 31, 2020: Accrued
Blackwater Company Ltd. completed the following transactions:
- June 1, 2020: Loaned Stillwater Company $30,000 on a one year, 5% note receivable.
- Dec. 31, 2020: Accrued interest on the note from Stillwater Company. (Round to the nearest dollar.)
- June 1, 2021: Collected the maturity value of the note from Stillwater (principal plus interest)
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Record entries for the above transactions. Explanations are not required.
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