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Suppose First Fidelity Bank engaged in the following transactions: (Click the icon to view the transactions.) Journalize the 2018 and 2019 transactions on First Fidelity's
Suppose First Fidelity Bank engaged in the following transactions: (Click the icon to view the transactions.) Journalize the 2018 and 2019 transactions on First Fidelity's books. Explanations are not needed. Use a 365-day year to compute interest. Round interest calculations to the nearest dollar. First Fidelity's accounting period ends on December 31. (Record debits first, then credits. Exclude explanations from journal entries. Use a 365-day year to compute interest on notes stated in days. For notes stated in months, use the number of months when calculating interest.) > Begin with the transactions for 2018. Apr. 1: Loaned $8,000 to Bland, Co. Received a six-month, 10% note. 2018 Loaned $8,000 to Bland, Co. Received a six-month, 10% note. Apr. 1 Oct. 1 Dec. 1 Collected the Bland note at maturity. Loaned $6.000 to Flores, Inc. on a 180-day, 12% note Accrued interest revenue on the Flores note. Dec. 31 Apr. 1 10%o note. Oct. 1. Collected the Bland note at maturity. Loaned $6,000 to Flores, Inc. on a 180-day, 12% note. Dec. 1 Dec. 31 Accrued interest revenue on the Flores note. 2019 May 30 Collected the Flores note at maturity. Oct. 1: Collected the Bland note at maturity. Date Accounts and Explanation Debit Credit 2018 Oct. 1 Dec. 1: Loaned $6,000 to Flores, Inc. on a 180-day, 12% note. Date Accounts and Explanation Debit Credit 2018 Dec. 1 Dec. 31: Accrued interest revenue on the Flores note. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Now record the transaction for 2019. May 30: Collected the Flores note at maturity. Date Accounts and Explanation Debit Credit 2019 May 30
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