Instructions On December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $36,000, 60-day note. Required: Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming 1. Interest of 9% was assessed in addition to the face value of the note. 2. The note was issued as a $36.000 non-interest-bearing note with a present value of $35,464. The implicit interest rate on the note receivable was 9%. Assume a 360-day year. Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming an interest rate of 9% was assessed in addition to the face value of the note. How does grading work? PAGE 12 GENERAL JOURNAL Score: 86/100 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Dec 11 Notes Receivable 36,000.00 2 Sales Revenue 36,000.00 3 Dec 31 Interest Receivable 180.00 4 Interest Income 180.00 5 Feb. 9 Interest Income 540.00 16 Interest Receivable Cash 36.540.00 36,000.00 8 Notes Receivable Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming the note was issued as a $36,000 non-interest-bearing note with a present value of $35,464. The implicit interest rate on the note receivable was 9%. Assume a 360-day year. How does grading work? PAGE 12 GENERAL JOURNAL Score: 96/113 POST. REF. DEBIT CREDIT ACCOUNT TITLE DATE 36,000.00 1 Dec. 11 Notes Receivable 35.464.00 2 Sales Revenue 536.00 3 Discount on Notes Receivable 177.32 4 Dec 31 Discount on Notes Receivable 177.32 5 Interest Income 36,000.00 6 Feb.9 Cash 36,000.00 Notes Receivable 358.68 Feb. 9 Discount on Notes Receivable 358.68 Interest Income