Journalizing note receivable transactions including a dishonored note On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team’s fiscal year ends on December 31. Requirements Journalize all entries for Team Bank related to the note for 2018 and 2019. Which party has a    a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?

Year 1 General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Clark Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries.  Verify that total interest revenue agrees with the trial balance. Dec.   16     Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time extension on his past-due account receivable.     31     Made an adjusting entry to record the accrued interest on the Lee note. Year 2 Feb.   14     Received Lee’s payment of principal and interest on the note dated December 16. Mar.   2     Accepted a $9,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Taylor Co.     17     Accepted a $4,200, 30-day, 10% note in granting Susan Allen a time extension on her past-due account receivable. Apr.   16     Allen dishonored her note. May   31     Taylor Co. dishonored its note. Aug.   7…