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On May 31, 2019. Nancy Tylor borrowed $6,000 from Royal Bank Credit Union. Tyler signed a note payable, promising to pay the credit union principal
On May 31, 2019. Nancy Tylor borrowed $6,000 from Royal Bank Credit Union. Tyler 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 Royal Bank Credit Union ends on December 31, 2019 Journalize Royal Bank 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 noto. a. Journalize Royal Bank Credit Union's lending money on the noto receivable at May 31, 2019. (Record debits first, then credits. Explanations are not required.) Journal Entry Date 2019 Accounts Debit Credit May 31
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