Instructions On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is December 31. Rozelle paid the note and interest on the due date. Required: 1. Who is the maker and who is the payee of the note? 2. What is the matunity date of the note? Questions 1. Who is the maker and who is the payee of the note? 3. Prepare all necessary journal entries that Dougherty needs to make in connection with this note Chart of Accounts The maker is Rozelle Company and the payee is Dougherty Corp. General Ledger 2. What is the maturity date of the note? ASSETS REVENUE March 1, 2017 111 Cash 411 Sales Revenue 121 Accounts Receivable 422 Interest Revenue March 1, 2017 123 Notes Receivable 125 Interest Receivable December 31, 2014 EXPENSES 500 Cost of Goods Sold March 31, 2017 141 Inventory 152 Prepaid Insurance April 1, 2017 154 Supplies 174 Equipment 521 Salaries and Wages Expense 532 Utilities Expense 533 Insurance Expense 179 Accumulated Depreciation 534 Rent Expense 537 Supplies Expense LIABILITIES 541 Depreciation Expenso 551 Advertising Expense 211 Accounts Payable 231 Salaries and Wages Payable 235 Notes Payable 559 Miscellaneous Expenses 810 Interest Expense 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Capital Stock 331 Retained Earnings 3. Prepare all necessary journal entries with the impact on the financial statements that Dougherty needs to make in connection with this note on journal pages 2016 and 2017. Assume a 360 day year. General Journal Instructions PAGE 2016 PAGE 2017 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 2 3 4