On May 1, 2020 you lent $14,000 to Borrower Company (I know, Im having trouble...
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Accounting
On May 1, 2020 you lent $14,000 to Borrower Company (I know, Im having trouble with original names!) at 8% for 10 months. Round all amounts to whole dollars. 1.) Prepare your journal entry to lend the $14,000 on May 1, 2020. 2.) Prepare the adjusting entry on December 31, 2020 3.) Prepare the closing entry on December 31, 2020 4) Prepare the entry to record collection of the note on March 1, 2021
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