Score: 0 of 2 pts 1 of3 (0 complete) HW Score: 0%, 0018pts E8-23 (similar to) Qu

Question

Score: 0 of 2 pts 1 of3 (0 complete) HW Score: 0%, 0018pts E8-23 (similar to) Queson Help On June 30, 2018, Queen Bank loaned $84 000 to Katina Keling on on-year, 12% note Queen's fiscal year ends on December 31 Read the tenuirements Requirement 1. Journalize all entries for Queen Bank related to th. ote for 2018 and 2019 ecord debts first n credits Select the explanason on the last line of the u nal entry table) Bagin by recording the loan on June 30, 2018 O Requrements Date 2018 Jun. 30 Accounts and Explanation 1. Journalize all entries for Oueen Bank related to the note for 2018 and 2019 2. Which party has a a. nate recelvable? b. note payabla? d. interest expense? Queen record for the dishonored note? . Suppose that Katrina Kelsing defauited on the note What entry would Print Done Choose trom any list or enter any number in the input fields and then click Check Answer

Explanation / Answer

1)30.06.2018. Katrina keising loan on Dr. 84000

12% note A/c

To. Bank A/c . 84000

(Being loan advanced by bank to borrower)

31.12.2018 Interest on loan Receivable A/c. Dr. 5040

To Interest A/c. 5040

(Being amount of interest to be received for 6 months)

31.12.2018. Interest A/c. Dr. 5040

To . Profit and loss A/c. 5040

(Being amount of interest transferred to Profit and loss A/c)

30.06.2019 Interest on loan Receivable A/c . Dr 5040

To Interest A/c 5040

(Being amount of interest charged for another 6 months)

30.6.2019 . Bank A/c . Dr.94800

To Katrina keising loan on 12% A/c . 84000

To Interest on Loan Receivable A/c . 10800

( Being amount of loan returned along with interest)

31.12.2019 . Interest A/c. Dr. 5040

To Profit and loss A/c . 5040

(Being amount of interest transferred to Profit and loss A/c)

2)a.Queen Bank

b. Katrina Keising

c.Queen Bank

d.Katrina Keising

3. 12%note dishonured A/c Dr.

Noting charges . Dr.

To . Katrina Keising A/c

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