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Bethany Realty loaned money and received the following notes during 2018 Click the icon to view the notes received.) Read the requirements Requirement 1. Determine
Bethany Realty loaned money and received the following notes during 2018 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.) Due date Note Date Principal Amount Interest Rate Term Month/Day Oct. 1 Year Maturity value 2019 $ 20,520 (1) $ 18,000 14% (2) Oct. 1 Sep 30 Jun. 19 12% 1 year 6 months 180 days Mar. 30 20,000 15,000 2019 21,200 15,666 (3) 9% Dec. 16 2018 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, 2018, 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 Accounts and Explanation Debit Credit 2018 Oct. 1 Note Receivable (Note 1) 18,000 Cash 18.000 Journalize the entry to establish note 2 Score: 3.17 of 8 pts 3 of 4 (3 complete) HW Score: 61.37%, 18.41 of 30 pts 2x P8-32A (similar to) - X Question Help Requirements Bethany Realty loaned money and received the following notes during 2018. (Click the icon to view the notes received.) Read the requirements 2018 Sep 30 1. Determine the maturity date and maturity value of each note. 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, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar Note Receivable (Note 2) 20.000 Cash 20.000 Print Done Journalize the entry to establish note 3. Date Accounts and Explanation Debit Credit 2018 Jun. 19 Note Receivable (Note 3) 15,000 Cash - X 15,000 Data Table Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2018, the fiscal year-end. Note Date Principal Amount Interest Rate Term Date Accounts and Explanation Debit Credit (1) Oct. 1 $ 18.000 14% 1 year 6 months 2018 (2) 20,000 12% Sep. 30 Jun. 19 Dec. 31 2490 (3) 15,000 Interest Receivable Interest Revenue 9% 180 days 2490 Print Done
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