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On June 1, 2021, Beerbo Ioaned Hop-Flop Inc. $10,000 at 6% annual interest. The journal entry Hop-Flop recorded was as follows: DR. Cash $10,000 CR.

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On June 1, 2021, Beerbo Ioaned Hop-Flop Inc. $10,000 at 6% annual interest. The journal entry Hop-Flop recorded was as follows: DR. Cash $10,000 CR. Notes Payable $10,000 Assume interest is calculated on a monthly basis and is to be paid (by Hop-Flop) at the maturity date (last day of the final month). Assume also that Hop-Flop has a December 31 fiscal year-end. For each scenario below. answer the questions from Hop-Flop's perspective. The note's term was 3 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 s Interest incurred in 2022 $ Total interest incurred over the note's term $ What is the journal entry at the maturity date? (leave cells blank as necessary) ACCOUNT DR (S) CR ($) The note's term was 6 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 $ Interest incurred in 2022 $ Total interest incurred over the note's term $ What is the journal entry at the maturity date? (leave cells blank as necessary) ACCOUNT DR (S) CR (S) The note's term was 9 months (due at the end of the final month). Fill in the information below: Interest incurred in 2021 $ Interest incurred in 2022 $ Total interest incurred over the nole's term $ What is the journal entry at the maturity date? (leave cells blank as necessary) ACCOUNT DR (5) CR (9)

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