FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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Transcribed Image Text: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
Aug. 1
Accounts and Explanation
Debit
Credit
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