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I am particularly stuck on the journalization of the maturity of notes. Any help is appreicated, thanks. Please show all steps/calculations. Katy Realty loaned money
I am particularly stuck on the journalization of the maturity of notes.
Any help is appreicated, thanks.
Please show all steps/calculations.
Katy Realty loaned money and received the following notes during 2018. BE: (Click the icon to view the notes received.) Read the requirements. Requirement 1. 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.) Note Date Principal Amount Interest Rate Term (1) $ 8% Oct. 1 Sep. 30 12,000 14,000 20,000 1 year 6 months Due date Month/Day Year Oct. 1 2019 Mar. 30 2019 Dec. 16 2018 9% Jun. 19 13% 180 days Maturity value 12,960 14,630 21,282 Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the collection of principal and interest at maturity for note (1). Date Accounts and Explanation Debit CreditStep by Step Solution
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