Score: 0 of 14 pts 1 of 6 (0 complete) HW Score: 0%, 0 of 50 pts SP8-2 (similar

Question

Score: 0 of 14 pts 1 of 6 (0 complete) HW Score: 0%, 0 of 50 pts SP8-2 (similar to) Question Help Suppose Nineth Nest Egg Bank engaged in the following transactions: (Click the icon to view the transactions) Joumalize the 2016 and 2017 transactions on Nineth Nest Egg's books. Explanations are not needed. Use a 360-day year to compute interest. Nineth Nest Egg's accounting penod ¢nds on December 31, (Record debits first, then credits Exclude explanations from journal entnes use a 360-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 2016. Apr. 1: Loaned $12,000 to Blah. Co. Received a three-month, 12% note. Date 2016 Apr. 1 Accounts and Explanation Debit Credit More Info 2016 Apr Jul Dec. 1 1 1 31 Loaned $12.000 to Blah, Co. Received a three-month, 12% note. Collected the Blah note at maturity. Loaned $9.000 to Uma, Ine, on a 60-day, 4% note Accrued interest revenue on the Uma note. 2017 Jan. 30 Collected the Uma note at Print Done

Explanation / Answer

1)

2)

correct option is "A" -seperation of duties is not a part of internal control

3)correct option is "A"

Balance sheet will report a note receivable of 9500 & interest receivable of 285 [9500*.12*3/12]

Date Account Debit credit 2016 Apr 1 Note receivable 12000 cash 12000 July 1 cash 12360 Note receivable 12000 Interest receivable [12000*.12*3/12] 360 [interest for 3 months collected along with note 1apr -1 july] Dec 1 Note receivable 9000 cash 9000 Dec31 Interest receivable 30 Interest revenue 30 [interest accrued for one month 9000*.04*30/360] 2017 jan 30 cash 9060 Interest receivable 30 Interest revenue 30 note receivable 9000

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