Accounting for a note receivable [5-10 min]
Lakeland Bank&Trust Company lent $110,000 to Samantha Michael on a 90-day, 9% note.
Requirement
1. Journalize the following transactions for the bank (explanations are not required):
a. Lending the money on June 6.
b. Collecting the principal and interest at maturity. Specify the date. For the computation of interest, use a 360-day year.
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