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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.
Expert Solution
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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