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3. 2021 May 10 July 24 Aug 23 Builder's Hardware received a $21,000, 75-day, 8% note from I. Vidal for a loan issued. Journalize the
3. 2021 May 10 July 24 Aug 23 Builder's Hardware received a $21,000, 75-day, 8% note from I. Vidal for a loan issued. Journalize the receipt of the note. (3.5 pts) The note is dishonored by Vidal. What do you understand is a dishonored note, in your own words? (2 pts) EXPLAIN the purpose of each debit and credit entry needed to record the dishonored note. Include the amounts. (4.5 pts) Builder's Hardware received payment on the dishonored note from July 24, with 30 days' additional interest at 7%. Journalize the receipt of payment on the dishonored note. Round decimal to nearest dollar. (4.5 pts) 4. Save U Supermarket received a 120 day, 15% note for $20,000, dated September 22, 2021 from a customer for goods sold. The cost of the goods sold is $17,800. a. Determine the due date of the note (day, month, year). (1.5 pts) b. Journalize the adjusting entry to record the accrued interest revenue on Dec 31, 2021. (4.5 pts) c. In your own words, EXPLAIN the reason for needing the adjusting entry (debit and credit). (3 pts) d. Journalize the receipt of payment on the note on maturity date. (4.5 pts) Please ensure that you state all necessary dates in the journal
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