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with an explanation please On August 31, 2018, Brandy Tuttle borrowed $11,000 from Commonwealth State Bank. Tuttle signed a note payable, promising to pay the
with an explanation please
On August 31, 2018, Brandy Tuttle borrowed $11,000 from Commonwealth State Bank. Tuttle signed a note payable, promising to pay the bank principal plus interest on August 31, 2019. The interest rate on the note is 12%. The accounting year of Commonwealth State Bank ends on June 30, 2019. Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31, 2018, (b) accrual of interest at June 30, 2019, and (c) collection of principal and interest at August 31, 2019, the maturity date of the note Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31,2018, (b) accrual of interest at June 30, 2019, and (c) collection of principal and interest at August 31, 2019 the maturity date of the note (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Prepare the journal entry for the issuance of the note receivable on August 31, 2018 Journal Entry Debit Credit Date Accounts In 2018 Aug 31Step by Step Solution
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