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On November 25, 2020, Poppy Co. received a $42,000, 8%, 60-day note from Lily Inc. for cash. Required Prepare the November 25 entry to record

On November 25, 2020, Poppy Co. received a $42,000, 8%, 60-day note from Lily Inc. for cash.

Required

Prepare the November 25 entry to record receipt of the note.
Prepare the adjusting entry at December 31, 2020.
Prepare the journal entry at maturity assuming the note is honoured.
How would the journal entry at maturity be different if the note was dishonoured?

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