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On December 18, 2020, Poppy Co. received a $12,000, 8%, 45-day note from Lily Inc. for cash. Required 1. Prepare the December 18 entry to

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On December 18, 2020, Poppy Co. received a $12,000, 8%, 45-day note from Lily Inc. for cash. Required 1. Prepare the December 18 entry to record receipt of the note. 2. Prepare the adjusting entry at December 31, 2020. 3. Prepare the journal entry at maturity assuming the note is honoured, 4. How would the journal entry at maturity be different if the note was dishonoured

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