Abby Realty loaned money and received the following notes during 2024. (Click the icon to view the notes received.) Read the requirements Requirement 1.
Abby Realty loaned money and received the following notes during 2024. (Click the icon to view the notes received.) Read the requirements Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year Round to the nearest dollar) Note Note (1) Note (2) Date Oct 1 Jun 30 Principal Amount Interest Rate Term Due date Month/Day Year Maturity value $ 28.000 8% 1 year 20,000 Note (3) Jun 19 12,000 9% 11% 9 months 180 days Requirement 2. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity Include a single adjusting entry on December 31, 2024, the fiscal year-end to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar (Record debits first, then credits Exclude explanations from journal entries) Begin with the journal entry to establish note 1 Date 2024 Oct. 1 Accounts and Explanation Journalize the entry to establish note 2. Date 2024 Jun 30 Debit Credit Accounts and Explanation Debit Credit Journalize the entry to establish note 3 Date 2024 Jun 19 Accounts and Explanation Debit Credit Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2024, the fiscal year-end Date Accounts and Explanation Debit Credit 2024 Dec. 31
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