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2018 Apr. 1 Oct. 1 Dec. 1 Dec. 31 2019 May 30 Loaned $8,000 to Bland, Co. Received a six-month, 10% note. Collected the Bland note at maturity. Loaned $6,000 to Flores, Inc. on a 180-day, 12% note. Accrued interest revenue on the Flores note. Collected the Flores note at maturity.

2018 Apr. 1 Oct. 1 Dec. 1 Dec. 31 2019 May 30 Loaned $8,000 to Bland, Co. Received a six-month, 10% note. Collected the Bland note at maturity. Loaned $6,000 to Flores, Inc. on a 180-day, 12% note. Accrued interest revenue on the Flores note. Collected the Flores note at maturity.

FINANCIAL ACCOUNTING
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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### Financial Transactions Timeline (2018-2019) #### 2018 - **April 1** - **Transaction:** Loaned $8,000 to Bland, Co. - **Details:** The loan was provided for six months at an interest rate of 10%. - **October 1** - **Transaction:** Collected the Bland note at maturity. - **Details:** The principal and interest from the loan provided to Bland, Co. were collected. - **December 1** - **Transaction:** Loaned $6,000 to Flores, Inc. - **Details:** The loan was issued for a term of 180 days (approximately six months) at an interest rate of 12%. - **December 31** - **Transaction:** Accrued interest revenue on the Flores note. - **Details:** Calculated and recorded the interest revenue earned on the Flores note up to this date. #### 2019 - **May 30** - **Transaction:** Collected the Flores note at maturity. - **Details:** The principal and interest from the loan provided to Flores, Inc. were collected. This timeline summarizes key financial transactions, including loans issued, interest accrued, and note collections.
Transcribed Image Text:### Financial Transactions Timeline (2018-2019) #### 2018 - **April 1** - **Transaction:** Loaned $8,000 to Bland, Co. - **Details:** The loan was provided for six months at an interest rate of 10%. - **October 1** - **Transaction:** Collected the Bland note at maturity. - **Details:** The principal and interest from the loan provided to Bland, Co. were collected. - **December 1** - **Transaction:** Loaned $6,000 to Flores, Inc. - **Details:** The loan was issued for a term of 180 days (approximately six months) at an interest rate of 12%. - **December 31** - **Transaction:** Accrued interest revenue on the Flores note. - **Details:** Calculated and recorded the interest revenue earned on the Flores note up to this date. #### 2019 - **May 30** - **Transaction:** Collected the Flores note at maturity. - **Details:** The principal and interest from the loan provided to Flores, Inc. were collected. This timeline summarizes key financial transactions, including loans issued, interest accrued, and note collections.
### Financial Transactions Overview for Educational Purpose **Example Scenario: First Fidelity Bank Transactions** First Fidelity Bank engaged in a series of financial transactions during the years 2018 and 2019. These transactions include issuing and collecting notes with interest, and these journal entries reflect the accounting processes used to record these activities. Below are the details of these transactions formatted for educational study. #### 2018 Transactions **1. April 1: Loan Issued to Bland, Co.** - **Transaction:** Loaned $8,000 to Bland, Co. Received a six-month, 10% note. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Apr. 1 | | | | |   | | | | **2. October 1: Collection of Bland's Note at Maturity** - **Transaction:** Collected the Bland note at maturity. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Oct. 1 | | | | |   | | | | **3. December 1: Loan Issued to Flores, Inc.** - **Transaction:** Loaned $6,000 to Flores, Inc. on a 180-day, 12% note. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Dec. 1 | | | | |   | | | | **4. December 31: Accrued Interest Revenue on Flores Note** - **Transaction:** Accrued interest revenue on the Flores note. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Dec. 31 | | | | |   | | | | #### 2019 Transactions **5. May 30: Collection of Flores Note at Maturity** - **Transaction:** Collected the Flores note at maturity. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2019 May 30
Transcribed Image Text:### Financial Transactions Overview for Educational Purpose **Example Scenario: First Fidelity Bank Transactions** First Fidelity Bank engaged in a series of financial transactions during the years 2018 and 2019. These transactions include issuing and collecting notes with interest, and these journal entries reflect the accounting processes used to record these activities. Below are the details of these transactions formatted for educational study. #### 2018 Transactions **1. April 1: Loan Issued to Bland, Co.** - **Transaction:** Loaned $8,000 to Bland, Co. Received a six-month, 10% note. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Apr. 1 | | | | |   | | | | **2. October 1: Collection of Bland's Note at Maturity** - **Transaction:** Collected the Bland note at maturity. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Oct. 1 | | | | |   | | | | **3. December 1: Loan Issued to Flores, Inc.** - **Transaction:** Loaned $6,000 to Flores, Inc. on a 180-day, 12% note. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Dec. 1 | | | | |   | | | | **4. December 31: Accrued Interest Revenue on Flores Note** - **Transaction:** Accrued interest revenue on the Flores note. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2018 Dec. 31 | | | | |   | | | | #### 2019 Transactions **5. May 30: Collection of Flores Note at Maturity** - **Transaction:** Collected the Flores note at maturity. - **Journal Entry:** | Date | Accounts and Explanation | Debit | Credit | |------|---------------------------|-------|--------| | 2019 May 30
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