Question
Kelly Realty loaned money and received the following notes during 2014. Principal Amount Interest Rate $ 24,000 17% 18,000 6% 12,000 12% Note Date
Kelly Realty loaned money and received the following notes during 2014. Principal Amount Interest Rate $ 24,000 17% 18,000 6% 12,000 12% Note Date Aug.1 Nov. 30 Dec. 19 (2) (3) Term 1 year 6 months 30 days Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to record accrued interest revenue on all three notes. Explanations are not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanations are not required.
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
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