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Jenkins Inc. had the following transactions. Sep 1- Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all

 

Jenkins Inc. had the following transactions. Sep 1- Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all be due on May 31. Dec. 31 - Accrued interest on the note. (Round to the nearest whole dollar mount.) May 31 Received the interest on the note's maturity date. May 31 Received the principal on the note's maturity date. (Round to the nearest whole dollar amount.) Required: Prepare the required journal entries.

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