(L.OBJ. 7) Accounting for a note receivable [5—10 min]
Lantana Bank & Trust Company lent $90,000 to Sylvia Peters on a 30-day, 11% note.
Requirement
1. Journalize the following transactions for the bank (explanations are not required):
a. Tending the money on May 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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