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McKoel Company has a three - month, $ 1 4 , 0 0 0 , 6 % note receivable from L . Rock that was

McKoel Company has a three $-$ month, $ $14, 000, 6 %$ note receivable from L $.$ Rock that was signed on June $1, 2016 .$ Rock defaults on the loan on September $1 .$

Journalize the entry for McKoel to record the default of the loan. $($ Record debits first, then, credits. Select the explanation on the last line of the journal entry table. $)$

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