Question
Nova Corporation hired a new product manager and agreed to provide her a $31,000 relocation loan on a six-month, 6 percent note. a. The company
Nova Corporation hired a new product manager and agreed to provide her a $31,000 relocation loan on a six-month, 6 percent note.
| a. | The company loans the money on January 1. |
| b. | The new employee pays Nova the interest owed on the maturity date. |
| c. | The new employee pays Nova the full principal owed on the maturity date. |
| Prepare journal entries to record the above transactions for Nova Corporation |
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
