Suppose Sixth Reserve Bank engaged in the following transactions: View the transactions. Journalize the 2025 and 2026 transactions on Sixth Reserve Bank's books. Explanations are not needed. Use a 365-day year to compute interest. Round interest calculations to the nearest dollar. Sixth Reserve Bank's accounting period ends on December 31. (Record debits first, then credits. Exclude explanations from journal entries. Ignore leap years. Use a 365-day year to compute interest on notes stated in days. For notes stated in months, use the number of months when calculating interest.) Begin with the transactions for 2025. Apr. 1: Loaned $16,000 to Ohkay Co. Received a six-month, 4% note. Date Accounts Apr. 1, 2025 Note Receivable-Ohkay Co. Cash Oct. 1: Collected the Ohkay Co. note at maturity. Date Accounts Oct 1, 2025 Cash Note Receivable Ohkay Co. Interest Revenue Dec. 1: Loaned $12,000 to Wilma, Inc. on a 120-day, 5% note. Date Accounts Dec. 1, 2025 Note Receivable-Wilma, Inc. Cash Dec. 31: Accrued interest revenue on the Wilma, Inc. note. Date Dec. 31, 2025 Interest Receivable Interest Revenue Cash Interest Payable Accounts Interest Receivable Interest Revenue Note Receivable-Ohkay Co Note Receivable-Wilma, Inc. Debit Credit 16,000 16,000 Debit Credit 16.320 16.000 320 Debit Credit 12,000 12,000 Debit Credit 50.96 50.96
Suppose Sixth Reserve Bank engaged in the following transactions: View the transactions. Journalize the 2025 and 2026 transactions on Sixth Reserve Bank's books. Explanations are not needed. Use a 365-day year to compute interest. Round interest calculations to the nearest dollar. Sixth Reserve Bank's accounting period ends on December 31. (Record debits first, then credits. Exclude explanations from journal entries. Ignore leap years. Use a 365-day year to compute interest on notes stated in days. For notes stated in months, use the number of months when calculating interest.) Begin with the transactions for 2025. Apr. 1: Loaned $16,000 to Ohkay Co. Received a six-month, 4% note. Date Accounts Apr. 1, 2025 Note Receivable-Ohkay Co. Cash Oct. 1: Collected the Ohkay Co. note at maturity. Date Accounts Oct 1, 2025 Cash Note Receivable Ohkay Co. Interest Revenue Dec. 1: Loaned $12,000 to Wilma, Inc. on a 120-day, 5% note. Date Accounts Dec. 1, 2025 Note Receivable-Wilma, Inc. Cash Dec. 31: Accrued interest revenue on the Wilma, Inc. note. Date Dec. 31, 2025 Interest Receivable Interest Revenue Cash Interest Payable Accounts Interest Receivable Interest Revenue Note Receivable-Ohkay Co Note Receivable-Wilma, Inc. Debit Credit 16,000 16,000 Debit Credit 16.320 16.000 320 Debit Credit 12,000 12,000 Debit Credit 50.96 50.96
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Suppose Sixth Reserve Bank engaged in the following transactions:
View the transactions.
Journalize the 2025 and 2026 transactions on Sixth Reserve Bank's books. Explanations are not needed. Use a 365-day year to compute interest. Round interest
calculations to the nearest dollar. Sixth Reserve Bank's accounting period ends on December 31. (Record debits first, then credits. Exclude explanations from journal
entries. Ignore leap years. Use a 365-day year to compute interest on notes stated in days. For notes stated in months, use the number of months when
calculating interest.)
Begin with the transactions for 2025.
Apr. 1: Loaned $16,000 to Ohkay Co. Received a six-month, 4% note.
Date
Accounts
Apr. 1, 2025
Note Receivable-Ohkay Co.
Cash
Oct. 1: Collected the Ohkay Co. note at maturity.
Date
Accounts
Oct 1, 2025
Cash
Note Receivable Ohkay Co.
Interest Revenue
Dec. 1: Loaned $12,000 to Wilma, Inc. on a 120-day, 5% note.
Date
Accounts
Dec. 1, 2025 Note Receivable-Wilma, Inc.
Cash
Dec. 31: Accrued interest revenue on the Wilma, Inc. note.
Date
Dec. 31, 2025 Interest Receivable
Interest Revenue
Cash
Interest Payable
Accounts
Interest Receivable
Interest Revenue
Note Receivable-Ohkay Co
Note Receivable-Wilma, Inc.
Debit
Credit
16,000
16,000
Debit
Credit
16.320
16.000
320
Debit
Credit
12,000
12,000
Debit
Credit
50.96
50.96
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