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Journalizing note receivable transactions including a

Question: Journalizing note receivable transactions including a dishonored note On September 30, 2016, Statewide Bank loaned $90,000 to Katrina Harmon on a one-year, 6% note. State wide's fiscal year ends on December 31.

Requirements: 1. Journalize all entries for Statewide Bank related to the note for 2016 and 2017.

2. Which party has a

a. note receivable?

b. note payable?

c. interest revenue?

d. interest expense?

3. Suppose that Katrina Harmon defaulted on the note. What entry would Statewide record for the dishonored note?

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Finance Basics: Journalizing note receivable transactions including a

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