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a. january 1loaned $50,000 to cashiers of the company and received back one-year,8 percent notes.b. june 30accrued interest on the notes.c. december 31received interest on the notes. (no interest has been recorded since june 30.)d. december 31received principal on the notes. required:

Respuesta :

The journal entries for the followings are shown below:

The journal entry will be:

a. On Jan 1 .

Loan A/c. ..Dr $50,000

Cash A/c....Cr.$50,000

Being the loan is cashed of the company

b. On June 30

Interest receivable A/c.. Dr. $2,500

Interest Revenue A/c.. .Cr. $2,500

Being interest accrued on the note

c. On Dec 31

Cash A/c.....Dr $5,000

Interest receivable Alc..Cr $2,500

Interest revenue A/c. .Cr $2,500

Being interest received on the note

d. Cash A/c...Dr $50,000

Loan A/C....Cr $50,000

Being received principal on the note, Working Note:

Interest Amount x 10% x 6/ 12

Interest $50,000 x 10% x 6/12

Interest=$2,500

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