. Journalize all entries for Symphony Bank related to the note for 2018 and 2019.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1.
Journalize all entries for
Symphony
Bank related to the note for
2018
and
2019.
2.
Which party has a
 
a. note​ receivable?
 
b. note​ payable?
 
c. interest​ revenue?
 
d. interest​ expense?
3.
Suppose that
Kara
Perry
defaulted on the note. What entry would
Symphony
record for the dishonored​ note?
On September 30, 2018, Symphony Bank loaned $88,000 to Kara Perry on a one-year, 6% note. Symphony's fiscal
year ends on December 31.
Transcribed Image Text:On September 30, 2018, Symphony Bank loaned $88,000 to Kara Perry on a one-year, 6% note. Symphony's fiscal year ends on December 31.
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