On June 6, Pilgrims Bank & Trust lent $100,000 to Samantha Michael on a 90-day,...
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On June 6, Pilgrims Bank & Trust lent $100,000 to Samantha Michael on a 90-day, 7% note. Requirements 1. Journalize for Pilgrims the lending of the money on June 6 2. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. Requirement 1. Journalize for Pilgrims the lending of the money on June 6. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun. 6 Note ReceivableSamantha Michael 100.000 Cash 100,000 Lent money to Samantha Michael Requirement 2. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit
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