ice 30,000 BE8.12 (LO 3) AP On January 10, 2021, Kato Kreations sold merchandise on account to Lechner & Associates for $15,600,n/ On February 9, Lechner gave Kato a 10% promissory note in settlement of this account. Prepare the journal entries to record the sale and the settlement of the accounts receivable. Ignore any inventory and cost of goods sold for the purposes of this question Record notes receivable transactions, PE BE8.13 (LO 3) AP Lee Company accepts a $27,000, four-month, 6% note receivable in settlement of an account receivable on June 1, 2021. Interest is to be paid at maturity. Lee Company has a December 31 year end and adjusts its accounts annually. (No Lee Company uses only one allowance account for both accounts and notes receivable.) Djectives Record notes receivable transactions. a. Record (1) the issue of the note on June 1 and (2) the settlement of the note on October 1, assuming the note is honoured. b. Assume instead that the note is dishonoured but eventual collection is expected. Record the October 1 journal entry. e. Assume instead that the note is dishonoured and eventual collection is not expected. Record the October 1 journal entry. BE8.14 (LO 3, 4) AP Demir Financial Services loaned Sharp Inc. $100,000 cash in exchange for a one-year, 4% note on July 1, 2021. Interest is payable quarterly beginning on October 1, 2021. Demir has a December 31 year end and records adjusting entries annually. Record notes receivable transactions and indicate statement presentation a. Record Demir's entries related to the note on July 1 and October 1, 2021. b. Prepare the adjusting journal entry for accrued interest on December 31, 2021. e. Indicate what amounts will be reported on Demir's December 31, 2021, balance sheet related to the note receivable. BE8