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???? Kelly Realty loaned money and received the following notes during 2016 (Click the loon to view the noticed) Requirements 1. Determine the maturity date
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Kelly Realty loaned money and received the following notes during 2016 (Click the loon to view the noticed) Requirements 1. Determine the maturity date and matunty value of each note 2 Joumalize the entries to establish each Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued Inforest revenue on any applicable note. Explanations are not required 3. Journalize the collection of principal and interest at matunity on the three notes. Explanations are not required. Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, computer interest using a 360-day year.) Due date Note Date Principal Amount interest Rate Term Month Day Year Data table (1) 16,000 7% 2 30 12,000 9 months (3) Sep. 19 18,000 90 days Note Date Principal Amount interest Rate (1) $ 16.000 7% (2) Jun 30 12.000 6% (3) Sep 19 18.000 8% Term Apr1 1 year 9 months 90 days Print Done Step by Step Solution
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