On August 1, Taylor Company lent $80,000 to L. King on a 90-day, 5% note. 14. Journalize for Taylor Company the lending of the money on August 1. 15. Journalize the collection of the principal and interest at maturity. Specify the date. Round interest to the nearest dollar. 14. Journalize for Taylor Company the lending of the money on August 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit Aug. 1

On August 1, Taylor Company lent $80,000 to L. King on a 90-day, 5% note. 14. Journalize for Taylor Company the lending of the money on August 1. 15. Journalize the collection of the principal and interest at maturity. Specify the date. Round interest to the nearest dollar. 14. Journalize for Taylor Company the lending of the money on August 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit Aug. 1

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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