ACCOUNTING

1.Belize Motors Ltd. holds a 90-day, 14% note for $120,000 dated September 21, 2020 from Sadie High School which was received due to a motor vehicle sale. The cost of the merchandise sold was $89,000.

a. Which party is the maker versus the payee? b. Journalize the receipt of payment on the note. Journal

date	details	DR$	CR$

1. On October 14, 2021, Brodies Co. Ltd received a $14,000, 90-day, 12% note from a customer, on account. a. Journalize the adjusting entry to record the accrued interest revenue on Dec 31, 2021. Journal

DATE	DETAILS	DR$	CR$

b. Journalize the receipt of payment on the note on maturity date.

Journal

DATE	DEATILS	DR$	CR$