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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Help me with this On August 31, 2016, Sarah Thoreau borrowed $8,000 from First State Bank. Thoreau signed a note payable, promising to pay the bank principal plus interest on August 31, 2017. The Merest rate on the note is 9%. The accounting year of First State Bank ends on June 30, 2017 Journalize First State Banks (a)lending on the note receivable at August 31, 2016 (b) accrual of interest at June 30, 2017 and (c) collection of principal and interest at August 31, 2017, the maturity the node. Journalize First State Bank's (a) lending money on the note receivable at August 31, 2016 (b) accrual of interest at June 30, 2017 and (c) collection of principal and interest at August 31, 2017, the maturity, date of the note. (Record debits first, then credits. Exclude explanations from any journal entries) Prepare the journal entry for the issuance of the note receivable on August 31, 2016. Prepare the journal entry to record the accrual of interest at June 30, 2017.
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