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On December 11,2020, the POP Bank loans a customers $12,000 on a 60-day, 12% note....

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Question

Accounting

On December 11,2020, the POP Bank loans a customers $12,000 on a 60-day, 12% note.

REQUIRED:

Prepare the journal entries necessary to record the receipt of the note by POP, the accrual of interest on December 31, 2020, and the customer's repayment on February 9, 2021, assuming:

  1. The note is considered interest-bearing.
  2. The note is considered zero-interest bearing note.

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