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3 years ago

If you borrow $5000 to remodel a home at 5% interest, what is the principle

1 answer:

6 0

Wouldn't it be available credit line because that =5,ooo$ and you were asking what the principle was so i think it's available credit line.
Hope I helped :)

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3 years ago

What does consumer goods mean??

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Explanation:

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3 years ago

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On August 31, 2018, Brooke Tallen borrowed $ 6 comma 000 from Boulware State Bank. Tallen signed a note payable, promising to

Dimas [21]

Answer:

When Boulware State Bank lend money

Note Receivable $6,000 (debit)

Cash $6,000 (credit)

When Interest accrues on the Note Receivable on June 30, 2019.

Note Receivable $600 (debit)

Interest Income $600 (credit).

When the Interest and Principle are collected on August 31, 2019

Cash $6,720 (debit)

Note Receivable $6,720 (credit)

Explanation:

When Boulware State Bank lending money

Recognize an Asset - Note Receivable and a decrease in the assets of Cash.

Note Receivable $6,000 (debit)

Cash $6,000 (credit)

When Interest accrues on the Note Receivable on June 30, 2019.

Hint :Interest that expires is for 10 months and must be accounted as such.

Note Receivable $600 (debit)

Interest Income $600 (credit)

Interest Income = $6,000 × 12% × 10/12

= $600.

When the Interest and Principle are collected on August 31, 2019

Interest for July and August for 2020 must first be accounted.

Note Receivable $120 (debit)

Interest Income $120 (credit)

Interest Income = $6,000 × 12% × 2/12

= $120.

Thus entry to record collection of principal and interest will be :

Cash $6,720 (debit)

Note Receivable $6,720 (credit)

Note Receivable = Principle + 2019 interest + 2020 interest

= $6,000 + $600 + $120

= $6,720

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3 years ago