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EX 9-22 Entries for Notes Receivable, Including Year-End Entries OBJ. 6 - Describe the accounting for notes receivable.The following selected transactions were completed by Fasteners

EX 9-22 Entries for Notes Receivable, Including Year-End Entries

OBJ. 6 - Describe the accounting for notes receivable.The following selected transactions were completed by Fasteners Inc. Co., asupplier of buttons and zippers for clothing:

20Y3

Nov.21.Received from McKenna Outer Wear Co., on account, a$96,000, 60-day, 3% note dated November 21 in settlementof a past due account.

Dec.31.Recorded an adjusting entry for accrued interest on the noteof November 21.

20Y4

Jan.20.Received payment of note and interest from McKenna OuterWear Co.

Journalize the entries to record the transactions.

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