Metro Credit Union in Charlottetown, Prince Edward Island, loaned $90,000 to David Mann on a nine-month, 8% note. Record the following for Metro Credit Union:Lending the money on February 6;Collecting the principal and interest at maturity on November 6. Explanations are not required but show calculations.

Journal is first book where financial transactions are recorded. Journal Entry is done on…

Answered: Metro Credit Union in Charlottetown,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Metro Credit Union in Charlottetown, Prince Edward Island, loaned $90,000 to David Mann on a nine-month, 8% note. Record the following for Metro Credit Union:

Lending the money on February 6;
Collecting the principal and interest at maturity on November 6. Explanations are not required but show calculations.

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