Assume that Wharton Inc. on 1. June 2019 aquired a 3-month, 6 % note receivable from its customer ERP Inc., in settlement of an existing account receivable of $ 60,000.

a) What is the booking entry for the acquisition of the note as of 1. June 2019 ? (2 points)

b) The customer ERP Inc. fully fulfilled its obligation as of 1. September 2019, the date the note matured. What is the booking entry to record the collection of the note as of 1. September 2019 ?

(4 points)