On December 11, 2016, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $27,000, 60-day note.

Required:

Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2016, and the customers repayment on February 9, 2017, assuming:

1.	Interest of 9% was assessed in addition to the face value of the note.
2.	The note was issued as a $27,000 non-interest-bearing note with a present value of $26,598. The implicit interest rate on the note receivable was 9%. Assume a 360-day year.

*** I NEED HELP WITH THE DATES. I HAVE ALSO TRIED DEC 1, AND DEC 31.

PLEASE INCLUDE THE DATES ALONG WITH THE MATH BEHIND THE ANSWER.

Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2016, and the customer's repayment on February 9, 2017, assuming an interest rate of 9% was assessed in addition to the face value of the note. Additional Instruction How does grading work? PAGE 12 GENERAL JOURNAL Score: 93/100 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 27,000.00 Dec. 11 Notes Receivable Sales Revenue Dec. 11 Interest Receivable 27,000.00 135.00 Interest Income 135.00 Feb. 9 Cash 27,405.00 Interest Receivable Notes Receivable 135.00 27,000.00 270.00 Interest Income Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2016, and the customer's repayment on February 9, 2017, assuming the note was issued as a $27,000 non-interest-bearing note with a present value of $26,598. The implicit interest rate on the note receivable was 9%. Assume a 360-day year. Additional Instructions How does grading work? PAGE 12 GENERAL JOURNAL Score: 79/113 DATE ACCOUNT TITLE POST. REF. CREDIT DEBIT 27,000.00 Notes Receivable Sales Revenue 26,598.00 402.00 Discount on Notes Receivable Discount on Notes Receivable 132.99 Interest Income Cash Notes Receivable Discount on Notes Receivable Interest Income