Analizas Books has a December 31 year-end and adjusts its accounts annually. The business accepted a $50,000, 6 month, 7% note receivable in settlement of an account receivable on December 1, 2020. The note matures May 31, 2021.

REQUIRED:

Prepare the journal entry to establish the note on December 1.

Prepare the necessary adjusting entry at December 31.

Prepare the journal entry on the maturity date assuming that the full amount owing was received