Computing note receivable amounts [15-25 min]
On September 30, 2012, Synergy Bank loaned $88,000 to Kendall Kelsing on a one- year, 12% note.
Requirements
1. Journalize all entries for Synergy Bank related to the note for 2012 and 2013.
2. Which party has a
a. note receivable?
b. note payable?
c. interest revenue?
d. interest expense?
3. How much in total would Kelsing pay the bank if she pays off the note early on April 30, 2013?
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