Homework Answers
Ans: Third National Bank Make loan of $29,000 to Equit Co.
Loan Amount receivable at maturity = $ 29,000 * ( 1+ (0.09*(90/360)))
= $ 29,652.5
Interest Amount = $ 29,652.5 - $ 29,000
= $ 652.5
Journal Entry
Cash A/c Dr. $ 29,652.5
To Interest A/c $ 652.5
To Credit note Receivable A/c $ 29,000
So the last option is the correct option
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