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…

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?

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?

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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