Christie Realty loaned money and received the following notes during 2016 Click the icon to view the notes received.) Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entries to establish each Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. 3. Journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 360-day year.) Due date Note Date al Principal Amount Interest Rate Term Month/Day Year Maturity value pi (1 Apr 1 $ 16,000 12% 1 year 223 (2) Sep 30 12,000 6% 6 months P (3) Sep. 19 18.000 8% 90 days Requirement 2. Journalize the entries to establish cach Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. (Record debits first, then credits. Exclude explanation from joumal entries) in Begin with the jour Data table is Note ei Date 2016 ay Apr 1 Cash Date Interest Rate Term 12% Joumalize the entry Note (1) (2) (3) Principal Amount $ 16,000 12.000 18.000 Apr. 1 Sep 30 Sep. 19 1 year 6 months Date 6% 3% 90 days 2016 Sep 30 Requirement 2. Journalize the entries to establish each Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. (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 2016 Note Receivable (Note 1) Apr. 1 Cash Journalize the entry to establish note 2 Date Accounts and Explanation Debit Credit 2016 Sep. 30 as Joumalize the entry to establish note 3 Date Accounts and Explanation Debit Credit 2016 Sep 10 Joumalize the single adjusting entry to record accrued interest revenue on any applicable noto(s) on December 31, 2016, the fiscal year-end. Accounts and Explanation Debit Credit Date 2016 Dec 31 1 21 Requirement 3. Journalize the collection of principal and interest at maturity on the three notes. Explanations are not required.(Record debits first, then credits Pl Exclude explanations from joumal entries.) Journalize the collection of principal and interest at maturity for note (1), P Date Accounts and Explanation Credit Debit al Joumalize the collection of principal and interest at maturity for note (2) Date Accounts and explanation Debit Credit th y in Oxi Journalize the collection of principal and interest at matunity for note (3) Date Accounts and Explanation Debit Credit cur Journalize the collection of principal and interest at maturity for note (3). Date Accounts and Explanation Debit Credit
