Chapter 5 Homework Saved 0.09 7 points Skipped eBook Problem 5-8A (Static) Record long-term notes receivable and interest revenue (LO5-7) On December 1, 2024, Liang Chemical provides services to a customer for $90,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1, 2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026. 3. Record the cash collection on December 1, 2027. Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Print References View transaction list Journal entry worksheet < 1 2 3 4567 Record the adjusting entry for interest as of December 31, 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal >