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Hello! I cannot figure out number 7 thank you!!! Part 2: Notes Receivable 5) On August 31, 2019, Jenkins Inc. lends $93,000 to Ulloa Co.
Hello! I cannot figure out number 7 thank you!!! Part 2: Notes Receivable 5) On August 31, 2019, Jenkins Inc. lends $93,000 to Ulloa Co. for 7 months. What journal entry does Jenkins Inc. record for this transaction? 08/31/2019 bank 6) (Continuation of question 5). The Note Receivable is established with a 6% annual interest rate, and the terms of the note states that the principal and interest will be due and paid on April 1, 2020. What adjusting journal entry is needed to accrue interest revenue earned for 2019 before Jenkins Co. prepares financial statements on December 31, 2019? 12/31/2019 40 7) (Continuation of question 5&6). On April 1, 2020, Ulloa Co. pays all principal and interest owed to Jenkins Inc. Write the journal entry (from the viewpoint of Jenkins Co.) to record the collection 04/01/2020
Hello! I cannot figure out number 7 thank you!!!
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