Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 5.00

First Fidelity Bank

Suppose First Fidelity Bank engaged in the following transactions:

2013

 

Apr 1

Loaned out $8,000 to Bland, Co. Received a six-month, 10% note.

Oct 1

Collected the Bland note at maturity.

Dec 1

Loaned $6,000 to Flores, Inc., on a 180-day, 12% note.

Dec 31

Accrued interest revenue on the Flores note.

2014

 

May 30

Collected the Flores note at maturity.

First Fidelity’s accounting period ends on December 31.

Requirement

Explanations are not needed. Use a 360-day year to compute interest.

1. Journalize the 2013 and 2014 transactions on First Fidelity’s books.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 10:07 PM My Price 5.00

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