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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 5
Accounting for a note receivable
Lakeland Bank Trust Company lent $110,000 to Samantha Michael on a 90-day, 9% note.
Requirement
1. Journalize the following transactions for the bank (explanations are not required):
a. Lending the money on June 6.
b. Collecting the principal and interest at maturity. Specify the date. For the computation of interest, use a 360-day year.
Lakeland Bank Trust Company lent $110,000 to Samantha Michael on a 90-day, 9% note.
Requirement
1. Journalize the following transactions for the bank (explanations are not required):
a. Lending the money on June 6.
b. Collecting the principal and interest at maturity. Specify the date. For the computation of interest, use a 360-day year.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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