Each assignment is worth 10 marks.
Assignment 1
HSBC lent $200,000 to Johann Schroeder on a 90-day, 4 percent note. Record the following
transactions for HSBC, rounding to the nearest dollar (explanations are not required):
A
B
Lending the money on May 6.
Collecting the principal and interest at maturity.
Specify the date. For the computation of interest, use a 365-day year. Accounting for a
note receivable