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On May 1, 2020, Smith Bank loans $2,400 to Jones Company at an annual interest rate of 5%. The maturity date of the loan is
On May 1, 2020, Smith Bank loans $2,400 to Jones Company at an annual interest rate of 5%. The maturity date of the loan is April 30, 2021, at which point Smith will receive repayment from Jones for the principal balance plus all interest. Smith accounts for the loan as a short-term note receivable. Related to this loan, the amount Smith reports in current assets on its December 31, 2020 balance sheet is $_____
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