On December 1, Klien Corporation accepted a 120-day, 6%, $14,600 note receivable from J. Silverthorn in exchange for his account receivable.

1.	Journalize the transaction on December 1.
2.	Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar.
3.	Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.

Date		Accounts and Explanation	Debit	Credit
Dec.	1

Requirement 2. Journalize the adjusting entry needed on

December

31 to accrue interest revenue. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a

365-day

year.)

Date		Accounts and Explanation	Debit	Credit
Dec.	31

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 last line of the journal entry table. For notes stated in days, use a

365-day

year.)

Date		Accounts and Explanation	Debit	Credit
Dec.	1

Requirement 2. Journalize the adjusting entry needed on

December

31 to accrue interest revenue. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a

365-day

year.)

Date		Accounts and Explanation	Debit	Credit
Dec.	31

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 last line of the journal entry table. For notes stated in days, use a

365-day

year.)

Date		Accounts and Explanation	Debit	Credit

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