FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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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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