P9-31A Accounting for notes receivable and accruing interest Kelly Realty loaned money and received the following notes

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P9-31A Accounting for notes receivable and accruing interest Kelly Realty loaned money and received the following notes during 2014. Note Date Principal Amount Interest Rate Term (1) Aug.1 $ 24,000 17% 1 year (2) Nov. 30 18,000 6% 6 months (3) Dec. 19 12,000 12% 30 days Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to record accrued interest revenue on all three notes. Explanations are not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanations are not required

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P9-31A Accounting for notes receivable and accruing interest Kelly Realty loaned money and received the following notes

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