On June 6, Northend Bank & Trust lent $90,000 to Shari Silverthorn on a 60-day,

Question

On June 6, Northend Bank & Trust lent $90,000 to Shari Silverthorn on a 60-day, 6% note.

Read the Requirements:

1.) Journalize for Northend the lending of the money on June 6.

2.) Journalize the collection of the principle and interest at maturity. Specify the date. Round to the nearest dollar.

S8-10 (similar to) Question Help 6, Northend Bank & Trust lent S90.000 to Shari Silverthorn on a 60-day 6% note. Requirements 1. Journalize for Northend the lending of the money on June 6 2. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar Requirement 1. Journalize for Northend the lending of the money on June 6. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All Check Answer

Explanation / Answer

Req. No. Date Accounts and Explanation Debit Credit 1 June 6 Notes Receivables - Shari Silverthom $90,000 Cash $90,000 (Lent money to Shari Silverthom) 2 August 5 Cash ($90,000 + $888) $90,888   Notes Receivables - Shari Silverthom $90,000 Interest Revenue ($90,000 x 0.06 x 60/366) $888 (Collected note receivables plus interest)

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