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On May 31, 2019, Nancy Thomas borrowed $6,250 from Algin Credit Union. Thomas signed a note payable, promising to pay the credit union principal plus
On May 31, 2019, Nancy Thomas borrowed $6,250 from Algin Credit Union. Thomas signed a note payable, promising to pay the credit union principal plus interest on May 31, 2020. The interest rate on the note is 1%. The accounting year of Algin Credit Union ends on December 31, 2019 Journalize Algin Credit Union's (a) lending money on the note receivable at May 31, 2019, (b) accruing interest at December 31, 2019, and (c) collecting the principal and interest at May 31, 2020, the maturity date of the note, a. Joumalize Algin Credit Union's lending money on the note receivable at May 31, 2019. (Record debits first, then credits. Explanations are not required.) Journal Entry Date 2019 Accounts Debit Credit May 31 b. Journalize Algin Credit Union's accruing interest at December 31, 2019. (Round your answer to the nearest whole number.) On May 31, 2019. Nancy Thomas borrowed $6,250 from Algin Credit Union, Thomas signed a note payable, promising to pay the credit union principal plus interest on May 31, 2020. The interest rate on the note is 1%. The accounting year of Algin Credit Union ends on December 31, 2019 Journalize Algin Credit Union's (a) lending money on the note receivable at May 31, 2019, (b) accruing interest at December 31, 2019, and (c) collecting the principal and interest at May 31, 2020, tho maturity date of the note b. Joumaliza Algin Credit Union's accruing interest at December 31, 2019. (Round your answer to the nearest whole number.) Journal Entry Date 2019 Accounts Debit Credit Dec 31 Joumalize Algin Credit Union's collecting the principal and interest at May 31, 2020, the maturity date of the note Journal Entry Choose from any list of enter any number in the input fields and then continue to the next question On May 31, 2019, Nancy Thomas borrowed $6,250 from Algin Credit Union Thomas signed a note payablo, promising to pay the credit union principal plus interest on May 31, 2020. The interest rate on the note is 1% The accounting year of Algin Credit Union ends on December 31, 2019 Journalize Algin Credit Union's (a) londing money on the note receivable at May 31, 2019, (b) accruing interest at December 31, 2019, and (c) collecting the principal and interest at May 31, 2020, the maturity date of the note c. Joumalize Algin Credit Union's collecting the principal and interest at May 31, 2020, the maturity date of the note. Journal Entry Date 2020 Accounts Debit Credit May 31 Choose from any list or enter any number in the input fields and then continue to the next
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