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Carley Realty loaned money and received the following notes during 2024. (Click the icon to view the notes received.) Read the requirements. Requirement 1.
Carley 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.) Due date Note Date Principal Amount Interest Rate Term Month/Day Year Note (1) Apr. 1 $ 6,000 7% 1 year Apr. 1 2025 Note (2) Sep. 30 12.000 0% 6 months Mar 30 2025 Note (3) Sep. 19 18,000 8% 90 days Dec. 18 2024 Maturity value 6,420 12.360 18.355 Requirement 2. Joumalize 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 Accounts and Explanation 2024 Apr. 1 Note Receivable (Note 1) Cash Joumalize the entry to establish note 2. Debit Credit 6.000 6.000 Date Accounts and Explanation Debit Credit 2024 Sep. 30 Note Receivable (Note 2) Cash 12.000 12,000 Journalize the entry to establish note 3 Date Accounts and Explanation Debit Credit 2024 Sep. 19 Note Receivable (Note 3) Cash 18.000 18.000 Joumalize the single adiation
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