Try another version of this question On June 6, National Credit lent $79,700 to Shaquan Michaud on a 60 day 4% note. Journalize for National Credit the lending of the money on June 6. Journalize the collection of the principal and interest at maturity.
Date Description Debit Credit June 6 June 6 Date Description Debit Credit August 5 August 5 August 5 Date Description Debit Credit June 6 Notes Receivable 79,700 June 6 Cash 79,700 Date Description Debit Credit August 5 Cash 80,231.33 August 5 Notes Receivable 79,700.00 August 5 Interest Revenue 531.33