On December 1, 2015, Liang Chemical provides services to a customer for $87,000. 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.

1)Record the acceptance of the note on December 1, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On December 1, 2015, Liang Chemical provides services to a customer for $87,000. 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. Record the acceptance of the note on December 1, 2015.

2)Record the interest collected on December 1 2016 and 2017, and the adjustment for interest revenue on December 31, for 2015, 2016, and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1.

Record the adjusting entry for interest receivable as of December 31, 2015.

2.

Record the receipt of annual interest as of December 01, 2016.

3.

Record the adjusting entry for interest receivable as of December 31, 2016.

4.

Record the receipt of annual interest as of December 01, 2017.

5.

Record the adjusting entry for interest receivable as of December 31, 2017.

3). On December 1, 2015, Liang Chemical provides services to a customer for $87,000. 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. Record the cash collection on December 1, 2018.