omework Saved Problem 5-8A (Static) Record long-term notes receivable and interest revenue (LO5-7) On December 1, 2024, Liang Chemical provides services to a customer for $90,000. 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.) View transaction list Journal entry worksheet Record the acceptance of the note. 5 B 7 Note: Enter debits before credits. Date December 01, General Journal Debit Credit Notes Receivable: 90,000 View transaction list Journal entry worksheet < 1 2 Record the acceptance of the note. Note: Enter debits before credits. 5 6 7 Date December 01, 2024 General Journal Debit Credit Notes Receivable 90,000 Cash 90,000 View general journal Record entry Clear entry Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event Entry Required" in the first account field.) View transaction list 57:07 Journal entry worksheet < 3 5 6 7 Record the adjusting entry for interest as of December 31, 2024. ces Note: Enter debits before credits. Date General Journal Debit Credit 750 December 31, 2024 Interest Receivable Interest Revenue 750 View general journal Record entry Clear entry 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 Entry Required" in the first account field.) View transaction list 0:57:03 Ook int ences Journal entry worksheet 3.m 5 6 Record the receipt of annual interest as of December 1, 2025. Note: Enter debits before credits. General Journal Debit Credit 9,000 Date December 01, 2025 Cash Interest Receivable Interest Revenue 750 8,250 View general journal Record entry Clear entry > Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/ever Entry Required" in the first account field.) View transaction list 57:00 Journal entry worksheet ok < ces 3 5 6 7 Record the adjusting entry for interest as of December 31, 2025. Note: Enter debits before credits. Date General Journal Debit Credit 750 December 31, 2025 Interest Receivable Interest Revenue 750 Record entry Clear entry View general journal 0:56:57 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 Entry Required" in the first account field.) View transaction list Journal entry worksheet ok < t ] inces 2 3 5pm 6 7 Record the receipt of annual interest as of December 1, 2026. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2026 Cash 99,000 Interest Receivable Interest Revenue 750 8,250 Notes Receivable 90,000 Record entry Clear entry View general journal Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, se Entry Required" in the first account field.) View transaction list 52 Journal entry worksheet < 3 5 6 7 Record the adjusting entry for interest as of December 31, 2026. Note: Enter debits before credits. Date December 31, 2026 General Journal Debit Credit Record entry Clear entry View general journal Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, sel- Entry Required" in the first account field.) View transaction list 5:47 es Journal entry worksheet 2 3 Record the cash collection. Note: Enter debits before credits. Date December 01, 2027 5 6 75 > General Journal Debit Credit View general journal Record entry Clear entry