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On September 30, 2024, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the
On September 30, 2024, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the Requirement 1. Journalize all entries for Team Bank related to the note for 2024 and 2025. (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, 2024. Requirements 1. Journalize all entries for Team Bank related to the note for 2024 and 2025. 2. Which party has a a. note receivable? b. note payable? c. interest revenue? Record the entry to accrue interest revenue on the Warner note at December 31, 2024. (Use months d. interest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored
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