Nova Corporation hired a new product manager and agreed to provide her a $50,000 relocation loan on a six-month, 5 percent note.a. The company loans the money on January 1.b. The new employee pays Nova the interest owed on the maturity date.c. The new employee pays Nova the full principal owed on the maturity date.Prepare journal entries to record the above transactions for Nova Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

"Nova Corporation hired a new product manager and agreed to provide her a $50,000 relocation loan on a six-month, 5 percent note.a. The company loans the money on January 1.b. The new employee pays Nova the interest owed on the maturity date.c. The new employee pays Nova the full principal owed on the maturity date.Prepare journal entries to record the above transactions for Nova Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) "

is in the attachment.

Explanation:

swatiupadhyay714 swatiupadhyay714 · Answer 2 · 2021-11-18T10:03:39+01:00

Journal entry is the initial recording of the monetary business transactions in the books of accounts. They are recorded in chronological order. Each business transaction has dual effects in the books of accounts, that is it debits one account and credits another from a single business transaction.

The Journal entries have been attached below.

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https://brainly.com/question/13402821