Delaney Realty loaned money and received the following notes during 2018. (Click the icon to view the notes received.) Read the requirements. Requirement 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.) Date Principal Amount Term Interest Rate 9% S 1 year Note Note (1) Note (2) Note (3) Oct. 1 Jun 30 Jun. 19 28,000 20,000 Due date Month/Day Year Maturity value Oct. 1 2019 $ 30,520 Mar. 30 2019 21,200 Dec. 16 2018 27,282 8% 9 months 26,000 10% 180 days Requirement 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. (Record debits first, then credits. Exclude explanations from Joumal entries.) Begin with the journal entry to establish note 1. Date Accounts and Explanation Debit Credit Requirements 2018 Oct. 1 Note Receivable (Note 1) 28,000 Cash 28,000 1. Determine the maturity date and maturity value of each note. 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, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar Journalize the entry to establish note 2. Date Accounts and Explanation Debit Credit Print Done 2018 Score: 3.74 of 11 pts 5 of 5 (5 complete) HW Score: 67 P8-32A (similar to) Requirements Delaney Realty loaned money and received the following notes during 2018. (Click the icon to view the notes received.) ) Read the requirements Journalize the entry to establish note 2. Date Accounts and Explanation Debit 2018 Jun. 30 Note Receivable (Note 2) 20,000 Cash 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. Credit 20,000 Data Table Principal Amount Journalize the entry to establish note 3 Note Date Interest Rate Term Date Accounts and Explanation Debit Credit Oct. 1 $ 9% 1 year Note (1) Note (2) 28,000 20,000 Jun. 30 8% 9 months 2018 Note (3) Jun. 19 26,000 26,000 10% Jun. 19 Note Receivable (Note 3) 180 days Cash 26.000 Print Done Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2018, the fiscal year-end. Date Accounts and Explanation Debit Credit 2018 Dec. 31 1300 Delaney Realty loaned money and received the following notes during 2018. (Click the icon to view the notes received.) Read the requirements. 2018 Jun. 30 Note Receivable (Note 2) Cash 20,000 20,000 Journalize the entry to establish note 3. Date Accounts and Explanation Debit Credit 2018 Jun. 19 Note Receivable (Note 3) 26,000 Cash 26,000 Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2018, the fiscal year-end. Date Accounts and Explanation Debit Credit 2018 Dec. 31 1300 26,000 360
