OnApril |, 2000, O’Neill Farm Equipment Company sold a tractor to Klemme Farms for $60,000 and agreed to delay collection of the selling price until six months later (after the harvest). Klemme Farms issued a note that was dated April |, 2000, and that had an interest rate of 10%. The tractor cost O’Neill $45,000, and it uses a perpetual inventory system. The note was paid on schedule.

Required: (1) Fill in the following blanks:

(a) The maker of the note is

(b) The payee of the note is

(c) The date the note was signed is

(d) The face value of the note is

(e) The maturity date of the note is

(f) The annual interest rate on the note is__-

(g) The length of time between the date the note is issued and the Macuinicyectate) [Sian eneenne

(h) The amount of interest due on the maturity date is

(i) The maturity waite Of the’note’ ists es ee ee eee

(2) Using T-accounts, show how the April | transaction was recorded by O’Neill.

(3) Using T-accounts, show how the collection of the note receivable was recorded by O’Neill. TYK-1