Score: 0 of 14 pts lof6@complete) ? HW Score: 0%,0 of 50 pts SP8-2 (similar to)

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Score: 0 of 14 pts lof6@complete) ? HW Score: 0%,0 of 50 pts SP8-2 (similar to) Question Help Suppose Nineth Nest Egg Bank engaged in the following transactions: (Click the icon to view the transactions) Joumalize the 2016 and 2017 transactions on Nineth Nest Egg's books. Explanations are not needed. Use a 360-day year to compute interest. Nineth Nest Egg's accounting period ends on December 31, (Record debits first, then credits. Exclude explanations from journal entries. Use a 360-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 2016. Apr. 1 : Loaned $12,000 to Blah. Co. Received a three-month, 12% note. Date 2016 Apr. 1 Accounts and Explanation Debit Credit More Info 2016 Apr Jul. Dec. 1 1 1 Loaned $12.000 to Blah. Co. Received a three-month, 12% note. Collected the Blah note at maturity. Loaned $9,000 to Uma, Inc. on a 60-day, 4% note 31 Accrued interest revenue on the Uma note. 2017 Jan. 30 Collected the Uma note at maturity Print Done

Explanation / Answer

Date Account Debit credit 2016 Apr 1 Note receivable 12000 cash 12000 [being loan given] Jul 1 cash 12360 Note receivable 12000 Interest revenue [12000*.12*3/12] 360 Dec 1 Note receivable 9000 Cash 9000 dec 31 INterest receivable 30 Interest revenue [9000*.04*30/360] 30 [interest accrued for 30 days (2 dec -31 dec] 2017 jan 30 cash 9060 Interest receivable 30 Interest revenue 30 Note revenue 9000

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