On August 31, 2024, Brandy Tisdale borrowed $5,000 from Commonwealth State Bank. Tisdale signed a note payable, promising to pay the bank
principal plus interest on August 31, 2025. The interest rate on the note is 6%. The accounting year of Commonwealth State Bank ends on June 30,
2025. Journalize Commonwealth State Bank's (a) lending money on the note receivable at August 31, 2024, (b) accrual of interest at June 30, 2025,
and (c) collection of principal and interest at August 31, 2025, the maturity date of the note.
(c) Prepare the journal entry to record the collection of the note principal and interest at August 31, 2025, the maturity date of the note.
Date
August 31, 2025
Accounts
Debit
Credit