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On September 30, 2019, Naturo Bank loaned 576,000 to Kaley Caukin on a one year, 12 percent note. Nature's fiscal year ends on December 31,

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On September 30, 2019, Naturo Bank loaned 576,000 to Kaley Caukin on a one year, 12 percent note. Nature's fiscal year ends on December 31, Required Requirement 1. Journalize all entries for Nature Bank related to the note for 2019 and 2020. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the loan on September 30, 2019 Accounts and Explanation Debit Credit Date 2019 Sep. 30 Record the entry to accrue interest revenue on the Caulkin note at December 31, 2019. (Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2019 Dec 31 Journalize the collection of the note from Kaley Caulkin at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Date Accounts and Explanation Debit Credit 2020 Sep 30 Date Journalize the collection of the note from Kaley Caulkin at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Accounts and Explanation Debit Credit 2020 Sep 30 Requirement 2. Which party has a a. notes receivable b. note payable interest rate Choose from any list or enter any number in the input fields and then continue to the next question est expense Requirement 3. Suppose that Kay Culkin defaulted on the no Whatentry would record for the honoured to record debis first, the credits Select the explanation on the last time of the journal entry table Prepare a single compound mal entry. Use months for interest Calculations) Date Accounts and Explanation Debe G 2020 Sep 30 i Required Se 1. Journalize all entries for Nature Bank related to the note for 2019 and 2020. 2. Which party has a a. Notes receivable? b. Note payable? c. Interest revenue? d. Interest expense? 3. Suppose that Kaley Caulkin defaulted on the note. What entry would Nature record for the dishonoured note? Print Done then continue to the next

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