1 No points will be removed for formatting on this question. 1. SJM Group contacts one of their largest customers, Soren Corp, because they have not yet made payment on their account (Soren Corp had previously received advertising services from SJM Group on account). Soren Corp indicates that a recent investment in a new production line machine has led them to have some temporary liquidity problems. SJM agrees to give Soren Corp a longer time to pay, but Soren Corp must pay interest over the extended period. They formalize this agreement in a 6-month note payable for $5,000 on November 1st, with a 6% annual interest rate. Soren Corp will pay the principal amount and all of the interest when the note is due. a. When is the note's maturity date? Record the following journal entries that pertain to this transaction from the perspective of SJM Group: b. The DEBIT ACCOUNT AND AMOUNT from the journal entry necessary to record the Note Receivable on November 1. Example: Sales revenue 5000 c. The DEBIT ACCOUNT AND AMOUNT from the adjusting entry related to the note at the end of SIM's fiscal year on December 31 d. The DEBIT ACCOUNT AND AMOUNT from the journal entry necessary to record the receipt of the principal and all of the interest at the maturity date of the note. Now assume the note is a 90-day note instead of a 6-month note. a. When is the maturity date? b. DEBIT ACCOUNT AND AMOUNT from the adjusting entry on December 311 c. Record the DEBIT ACCOUNT AND AMOUNT for the journal entry for the repayment of the principal and all of the interest at the maturity date