On December $1,$ Kale Corporation accepted a $120-$day, $6\%,$$$7,300$ note receivable from J$.$ Stone in exchange for his account receivable.

Read the requirements.

Requirement $1.$ Journalize the transaction on December $1.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Requirement $3.$ Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. $($Record debits first, then credits. Select the explanation on the of the journal entry table. For notes stated in days, use a $365-$day year.$)$

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