Kelly Realty loaned money and received the following notes during 2016. 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 Interest Rate Term Month/Day Year Maturity value (1) Apr. 1 $ 6,000 12% 1 year (2) Jun. 30 12,000 18% 9 months (3) Jun. 19 18,000 6% 180 days Requirement 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. (Record debits first, then credits. Exclude explanations from journal entries.) Begin with the journal entry to establish note 1. Date Accounts and Explanation Debit Credit 2016 Apr. 1 Debit Credit Journalize the entry to establish note 2. Date Accounts and Explanation 2016 Jun. 30 Journalize the entry to establish note 3. Accounts and Explanation Debit Credit Date 2016 Jun. 19 Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2016, the fiscal year-end. Date Accounts and Explanation Debit Credit 2016 Dec. 31 Requirement 3. Journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the collection of principal and interest at maturity for note (1) Date Accounts and Explanation Debit Credit Journalize the collection of principal and interest at maturity for note (2) Date Accounts and Explanation Debit Credit Journalize the collection of principal and interest at maturity for note (3) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next
