P9-31A

Record the transactions in the journal of Quality Recliner Chairs. Explanations are not required. (For notes stated in days, use a 360-day year. Round to the nearest dollar.) 29.31A Accounting for notes receivable and accruing interest Cathy Realty loaned money and received the following notes during 2016 Learning Objective 4 1. Note 3 Dec. 18, 2016 interest Rate Note (1) Principal Amount $ 18,000 Term 1 year 8% Date Jun. 1 Sep. 30 Oct. 19 (2) 24,000 12% 6 months 10,000 9% 60 days chapter 9 Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required