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Interest was assessed in addition

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On December 11, 2010, the Hooper Bank loans a customer $12,000 on a 60 day, 12% note.

Required:
Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2010, and the customer's repayment on February 9, 2011, assuming:

1. Interest was assessed in addition to the face value of the note.

2. The note was issued as a $12,000 non-interest-bearing note.

Reference no: EM13873296

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