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Kelly Realty loaned money and received the following notes during 2016 EE (Click the icon to view the notes received.) Requirements 1. Determine the maturity
Kelly Realty loaned money and received the following notes during 2016 EE (Click the icon to view the notes received.) Requirements 1. Determine the maturity date and maturity value of each note 2. Journalize the entries to establish each Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required 3. Journalize the collection of principal and interest at maturity on the three notes. Explanations are not required Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 360-day year.) Due date Note Date Principal Amount Month/Day Yea Oct. 1 Sep. 30 Jun. 19 24,000 18,000 12,000 Interest Rate 12% 5% 8% Term T year 6 months (2) 180 days
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