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Interest Bearing Current On April 1, 2017, Lights Camera Action provides consulting services to Sugar and Splice and receives a six-month, $15,000 note with
Interest Bearing Current On April 1, 2017, Lights Camera Action provides consulting services to Sugar and Splice and receives a six-month, $15,000 note with a stated rate of 8% (same as market rate). Prepare the entries required on April 1 and on the maturity date for Lights Camera Action. Assume instead the original transaction took place on November 1, 2017 and the companys year-end is December 31. Prepare all entries related to this note for Lights Camera Action.
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