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11. Katy Realty loaned money and received the following notes during 2018 (Click the icon to view the notes received.) Read the requirements Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year. Round to the nearest dollar.) Interest Rate Maturity value Note (1) (2) (3) Date Oct. 1 Sep 30 Sep. 19 Principal Amount $ 12,000 28,000 20,000 Term 1 year L 6 months 90 days Due date Month/Day Year C 2) 12% Requirement 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, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Begin with the journal entry to establish note 1. Date Accounts and Explanation Debit Credit 2018 Oct. 1 (4) Debit Credit Journalize the entry to establish note 2. Date Accounts and Explanation 2018 Sep. 30 (10) (11) Journalize the entry to establish note 3. Date Accounts and Explanation Debit Credit 2018 Sep 19 (12) Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2018, the fiscal year-end. Accounts and Explanation Debit Credit Date 2018 Dec. 31 (16) Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Credit Journalize the collection of principal and interest at maturity for note (1). Date Accounts and Explanation Debit (20) (21) Journaize the collection of principal and interest at maturity for note (2) Date Accounts and Explanation Debit Credit 128) (27) 291 7301 Credit Journaize the collection of principal and interest at maturity for note (3). Date 1 Accounts and Explanation | Debit (32) (33) (34) (38 1: Data Table Term 1 year Note (1) (2) (3) Date Oct. 1 Sep 30 Sep. 19 Principal Amount Interest Rate $ 12,000 28,000 20,000 8 months 90 days 2: Requirements 1. Determine the maturity date and maturity value of each note. 2. Joumalize 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, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar. (1) O Dec 31 (2) Dec 31 (3) Dec. 31 Jan. 1 Jul. 1 Oct. 1 Jan. 1 Mar. 30 Sep. 30 Jan. 1 Dec. 18 Dec. 7 O (4) O O Cash Interest Expense Interest Payable Note Receivable (Note 2) Note Receivable (Note 3) Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) Note Receivable (Note 2) Note Receivable (Note 3) (5) O O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) (6) O O Cash Interest Expense Interest Payable Note Receivable (Note 2) Note Receivable (Note 3) Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) 0000 0000 0000 0000 0000 Note Receivable (Note 2) Note Receivable (Note 3) Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) Note Receivable (Note 2) Note Receivable (Note 3) (8) O O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) Note Receivable (Note 2) Note Receivable (Note 3) (9) O O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) (10) Note Receivable (Note 2) Note Receivable (Note 3) Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) Cash Note Receivable (Note 2) Note Receivable Note 3) 0000 Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) Interest Expense Interest Payable (26) O Note Receivable (Note 2) Note Receivable (Note 3) Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) 2018 2019 (27) O O Dec 18 Dec. 31 Note Receivable (Note 2) Note Receivable (Note 3) Jan. 1 Oct 1 Mar. 30 (28) O O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable Note 1) (20) Note Receivable (Note 2) Note Receivable (Note 3) O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) Note Receivable (Note 2) Note Receivable (Note 3) (30) O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) (31) O (32) O Cash Note Receivable (Note 2) Note Receivable (Note 3) Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) 2018 2019 Interest Expense Interest Payable Dec. 18 Dec. 31 (34) (33) O Jan. 1 Oct. 1 Mar. 30 Note Receivable (Note 2) Note Receivable (Note 3) Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) (35) O Note Receivable (Note 2) Note Receivable (Note 3) Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) (36) Note Receivable (Note 2) Note Receivable Note 3) O Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1) (37) Note Receivable (Note 2) Note Receivable (Note 3) Cash Interest Expense Interest Payable Interest Receivable Interest Revenue Note Payable Note Receivable (Note 1)
