On October 1 you lent $10,000 to your accounting teacher (foolish move) at 15% interest...
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Accounting
On October 1 you lent $10,000 to your accounting teacher (foolish move) at 15% interest (wise move). The money is due to be repaid in four (4) months.
Prepare the entry to record you lending the money.
Prepare the adjusting entry you as the lender would make on December 31 for the interest accrued on this note.
Record your collection of the note and interest at maturity (when it is repaid)
What would be the impact on the financial statement, (Revenues, Expenses, Net income, Assets, Liabilities, Owners' equity).
If you do not make this adjusting entry?
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