On June 1, 2018, Demer Consulting provides services to a customer for $150,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each June 1. Required:

1. Record the acceptance of the note on June 1, 2018. 2. Record the interest collected on June 1 for 2019 and 2020, and the adjustment for interest revenue on December 31, 2018, 2019, and 2020. 3. Record the cash collection on June 1, 2021. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal Entry Worksheet-

1)Record the acceptance of the note.

2) Record the adjusting entry for interest as of December 31, 2018.

3) Record the receipt of annual interest as of June 01, 2019.

4) Record the adjusting entry for interest as of December 31, 2019.

5) Record the receipt of annual interest as of June 1, 2020.

6) Record the adjusting entry for interest as of December 31, 2020.

7) Record the cash collection.