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Please remember to show all your calculations in order to receive full credit. The Norman Company has the following account receivable on its books Accounts
Please remember to show all your calculations in order to receive full credit. The Norman Company has the following account receivable on its books Accounts receivable-Dale Company $10,000 Today is October 1, 2018. The account receivable was converted into a note receivable. The note bears interest at 6% interest. The note comes due (matures) on April 1, 2019. Required: You are the accountant for the Norman Company. a. Calculate the maturity value (principal +interest) that Norman will receive on April 1, 2018. Show calculations. b. Prepare the transaction journal entry (debit and credit) on Norman's accounting records at October 1, 2018. c. Prepare the adjusting journal entry (debit and credit) on Norman's accounting records at December 31, 2018. d. Prepare the closing journal entry for the one account that gets closed. Use income summary for the closing entry. The date of the closing entry is December 31, 2018. e. Prepare the transaction journal entry (debit and credit) at April 1, 2019
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