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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
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 requirements. 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? d. interest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored Step by Step Solution
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
4th edition
78025524, 978-0078025525
