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Homework answers / question archive / Consider the following transactions for Huskies Insurance Company: On June 30, the company lends its chief financial officer $45,000; principal and interest at 5% are due in one year

Consider the following transactions for Huskies Insurance Company: On June 30, the company lends its chief financial officer $45,000; principal and interest at 5% are due in one year

Finance

Consider the following transactions for Huskies Insurance Company:

  1. On June 30, the company lends its chief financial officer $45,000; principal and interest at 5% are due in one year.

 

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Interest income is to be calculated from July to December ie. 6 months:

$45,000 * 5% * 6/12 = $1,125

 

Journal Entry:

Date General Journal Debit Credit
Dec 31 Interest Receivable $1,125  
  Interest Income   $1,125

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