Requirements1.Journalize all entries for Team Bank related to the note for 2018 and 2019.2. Which party has aa. note receivable?b. note payable?c. interest revenue?d. interest expense?3. Suppose that Kendall Warner defaulted on the note. What entry would Teamrecord for the dishonored note?PrintDoneCoDELL On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31.Read the requirements.Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumalentry table.)Begin by recording the loan on September 30, 2018.DateAccounts and ExplanationDebitCredit2018Sep. 30Course ChatTimeGB V

Loan is the amount of money or finance that is being borrowed by the business. It can be taken for…

Answered: 1. Journalize all entries for Team Bank…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you please show your work on how you came up with the balance per bank and the balance per book on the reconciliation statement? Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No. 687 for $9,700. Bank service charges shown as a deduction on the bank statement were $110. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $88. Returned with the bank statement was a "debit memo" stating that a customer's check for $3,240 that had been deposited on May 23 had been returned because the customer's account was overdrawn. During a…
Hi, How do I organize these transactions ? Thanks
Which option below correctly indicates how an unfavourable balance of the bank account in the general ledger at 31 May 2021 should be dealt with when doing a bank reconciliation? Select one: a. By debiting the bank reconciliation statement as at 31 May 2021 b. By crediting the bank statement for May 2021 c. By crediting the bank reconciliation statement as at 31 May 2021 d. By debiting the bank statement for Please don't provide solution image based thnku

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1. Journalize all entries for Team 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 Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?