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Need help asap On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a
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On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on Docember 1,2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026. 3. Record the cash collection on December 1, 2027. Prepare the journal entries for the above transactions. (If no entry is required for a particular tranfaction/event, select "No Journal Entry Required" in the first account field.) On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1, 2024 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026. 3. Record the cash collection on December 1,2027. Prepare the journal entries for the above transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet (3) 4 (4) 6 7 7 Record the adjusting entry for interest as of December 31, 2024 . Note: Enter debits before credits, On December 1, 2024, Liang Chemical provides services to a customer for $81,000, In payment for the services, the customer signs a three-year, 10\% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1,2024 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1,2025 and 2026. 3. Record the cash collection on December 1,2027. Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet (4) 667 Record the receipt of annual interest as of December 1, 2025. Note: Enter debits befoce credits. On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1,2024. 2. Record the odjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026. 3. Record the cash collection on December 1,2027. Prepare the joumal entries for the above vansactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet (1) 2 (5) 67> Record the adjusting entry for interest as of December 31,2025. Note: Enter debits before credits: On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a three-yeac, 10% note. The face amount is due at the end of the third year, while annuat interest is due each December 1. Required: 1. Record the scceptance of the note on December 1,2024 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1,2025 and 2026. 3. Record the cash collection on December 1,2027. Prepare the joummal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet (1) 2 Record the receipt of annual interest as of December 1,2026 . Avate: Erner debits before credits. On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the cceptance of the note on December 1, 2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026. 3. Record the cash collection on December 1,2027. Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry for interest as of December 31,2026. Wote: Enter debits before credls. On December 1, 2024, Liang Chemical provides services to a customer for $81,000. In payment for the services, the customer signs a three-yeat, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1,2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1,2025 and 2026. 3. Record the cash collection on December 1,2027. Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Step by Step Solution
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