1. On January 15, 2014, P&P made an entry to write-off $4 million of accounts receivable. On December 11, 2014, one of the customer whose account was written off paid $1,200,000 on their account. Make all entries required for the receipt of the $1,200,000.

Make all entries required for the receipt of the $1,200,000.

2.On the first day of the fiscal year, P&P accepted a three-year, zero-interest-bearing note for $1.5 million. The prevailing interest rate is 9 percent.\\b \cf2 Required:

a. Make the original entry by P & P.

b. Make any required entry(ies) at the end of the first year.