Notes Receivable

Lucille Inc. loaned $60,000 to Bluth Co. on September 1, 2020 with a 5%, six-month note. Interest and principal are payable upon maturity.

a) What is the maturity date?

b) What is the total amount of interest incurred over the life of the note?

c) Record the entry for Lucille Inc. when the note was issued.

d) Record the adjusting entry for Lucille Co on 12/31/2020

e)Record the entry for Lucille Co for when the note is repaid

Take Home Worksheet.docx - Protected View - Saved to this PC References Mailings Review View Help can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing OLIC U 1. Notes Receivable (5 points): Lucille Inc. loaned $60,000 to Bluth Co. on September 1, 2020 with a 5%, six-month note. Interest and principal are payable upon maturity. a. What is the maturity date? b. What is the total amount of interest incurred over the life of the note? 1 c. Record the entry for Lucille Inc. when the note was issued d Record the adjusting entry for Lucille Co. on 12/31 2020 c. Record the entry for Lucille Co for when the note is repaid