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a. Nov. 1 - Smith issued a $24,500, 90-day, 9% note to a customer in exchange for cash. (Smith records the note receivable.) b. Dec.
a. Nov. 1 - Smith issued a $24,500, 90-day, 9% note to a customer in exchange for cash. (Smith records the note receivable.) b. Dec. 31 - Accrued interest on the note. c. Jan. 31 - Received the interest on the note's maturity date. d. Jan. 31 - Received the principal on the note's maturity date. Required: Prepare the required journal entries for Smith. Indicate debits with DR and credits with CR. Show work for the interest calculations
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