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Suppose Tenth Harvest Bank engaged in the following transactions (Click the icon to view the transactions.) Journalize the 2016 and 2017 transactions on Tenth Harvest's
Suppose Tenth Harvest Bank engaged in the following transactions (Click the icon to view the transactions.) Journalize the 2016 and 2017 transactions on Tenth Harvest's books. Explanations are not needed. Use a 360-day year to compute interest. Tenth Harvest's accounting period ends on December 31. (Record debits first, then credits. Exclude explanations from journal entries. Use a 300-day year to compute interest on notes stated in days. For notes stated in months, use the number of months when calculating interest) Aug. 1: Collected the insipid note at maturity. Date 2016 Accounts and Explanation Debit Credit Cash 6600 Aug 1 Note Receivable-Insipid, Co. 6000 interest Receivable 600
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