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Carley Realty loaned money and received the following notes during 2018 PY-32A Accounting for notes receivable and accruing interest Carley Realty loaned money and received
Carley Realty loaned money and received the following notes during 2018
PY-32A Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. (1) 1 year 8% Note Date Principal Amount Interest Rate Term Apr. 1 $6,000 7% (2) Sep. 30 12,000 6% 6 months (3) Sep. 19 18,000 90 days Requirements 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 Step by Step Solution
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