On June 1, 2021, New Age Design Ltd. agreed to lend money to Nova Scotia...
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On June 1, 2021, New Age Design Ltd. agreed to lend money to Nova Scotia Inc. and received in exchange a $300,000, 1-year, interest bearing note. New Age Design charges interest to Nova Scotia at a rate of 6%. New Age Design has a December 31 year-end.
Required Record all journal entries for New Age Design Ltd. for the note on each of the following dates:
June 1, 2021 the date the loan was made (1 mark)
December 31, 2021 the year-end date (2 marks)
June 1, 2022 the maturity date of the note (3 marks)
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