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Prepare Gold Stripe State Bank Journal entry

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Question - Gold Stripe State Bank loaned $36,000 to Wabash Men's Daycare for 18 months at an interest rate of 4.95% per year on July 1, Year 37. Wabash will pay the interest for year 37 on December 31, Year 37, and it will the pay interest for Year 38 and all principal at maturity.

A. Prepare Gold Stripe State Bank's Journal entry to record the making of the loan, and the corresponding entry recorded by Wabash Men's Daycare.

B. Prepare Gold Stripe State Bank's journal entry to record interest income for Year 1, and the Wabash Men's Daycare' corresponding entry to record interest expense.

C. Prepare Gold Stripe State Bank's journal entry to record its receipt of interest and principal upon the loan's maturity, and the corresponding entries made by Wabash Men's Daycare to record the principal and interest payment.

Reference no: EM133055492

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