Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
11th Edition
ISBN: 9780133866889
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem E9.22E
Journalizing note receivable transactions including a dishonored note
On September 30, 2016, Regal Bank loaned $92,000 to Kim Warner on a one-year, 6°o note. Regal's fiscal year ends on December 31.
Requirements
Journalize all entries for Regal Bank related to the note for 2016 and 2017.- Which party has a
- note receivable?
- note payable?
- interest revenue?
- interest expense?
- Suppose that Kim Warner defaulted on the note. What entry would Regal record for the dishonored note?
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Chapter 9 Solutions
Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
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