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Score: 16 of 16 pts 2 of 8 Test Score: 90.63%, 58 of 64 pts S4-14 (similar to) On May 31, 2019, Nancy Tree borrowed

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Score: 16 of 16 pts 2 of 8 Test Score: 90.63%, 58 of 64 pts S4-14 (similar to) On May 31, 2019, Nancy Tree borrowed $5,750 from Aggerville Credit Union Tree signed a note payable, promising to pay the credit union principal plus interest on May 31, 2020. The interest rate on the note is 7%. The accounting year of Aggerville Credit Union ends on December 31, 2019. Journalize Aggerville 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. Journalize Aggerville 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 Credit May 31 Note Receivable 5,750 5,750 Debit Cash b. Journalize Aggerville Credit Union's accruing interest at December 31, 2019. (Round your answer to the nearest whole number.) Journal Entry Accounts Debit Credit Dec 31 Interest Receivable 235 Interest Revenue 235 Date 2019 Debit 6. Journalize Aggerville Credit Union's collecting the principal and interest at May 31, 2020, the maturity date of the note. Journal Entry Date 2020 Accounts Credit May 6,153 Interest Revenue Interest Receivable Note Receivable 5,750 31 Cash 168 235

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