Try another version of this question On June 6, National Credit lent $71,800 to Shaquan Michaud on a 60 day 8% 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 71,800 June 6 Cash 71,800 Date Description Debit Credit August 5 Cash 72,757.33 August 5 Notes Receivable 71,800.00 August 5 Interest Revenue 957.33