During the current accounting year, Caribbean Tires received the following notes:

	Issuance Date	Face Amount	Term	Interest rate
Note 1	March 26	$1,400	30 days	4.5%
Note 2	May 10	$6.000	80 days	4.5%
Note 3	July 17	$25,000	90 days	12%
Note 4	August 6	$11,700	60 days	14%
Note 5	November 28	$30.000	120 days	20%

Round answers to nearest dollar, if necessary.

a. Journalize the entries to record the receipt of payment on Note # 4.

b. Journalize the entries to record the accrued interest revenue on Note # 5.

c. Journalize the entries to record the receipt of payment on Note # 5

d. Is it always necessary to accrue interest on notes at the end of an acct period? Explain

your answer