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Could someone help me with requirement #3 please? On December 1, Kean Corporation accepted a 120-day, 6%, $14,600 note receivable from J. Stone in exchange
Could someone help me with requirement #3 please?
On December 1, Kean Corporation accepted a 120-day, 6%, $14,600 note receivable from J. Stone in exchange for his account receivable. Read the requirements. Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 1 Note Receivable-J. Stone 14,600 Accounts Receivable-J. Stone 14,600 Convert accounts receivable to note. Requirement 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit Dec. 31 Interest Receivable Interest Revenue Accrued interest earned. 72 72 Requirement 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit TStep by Step Solution
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