On September 1, 2013, Geco Co. sold $40,000 of goods and accepted a one-year 12% note. Required:

1. Record the collection of the note on September 1, 2014, if no reversing entries were made after December 31, 2013, and adjusting entries were made.

2. Assume instead that a non-interest-bearing note for $44,800 for the same goods was issued. What balance sheet accounts and amounts would be disclosed on December 31, 2013