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Principal Note Date Amount Interest Rate Term Note (1) Oct. 1 $ 25,000 14% 1 year Note (2) Jun. 30 22,000 12% 9 months
Principal Note Date Amount Interest Rate Term Note (1) Oct. 1 $ 25,000 14% 1 year Note (2) Jun. 30 22,000 12% 9 months Note (3) Jun. 19 12,000 6% 180 days 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, 2024, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar. 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.) Due date Note Date Principal Amount Interest Rate Term Month/Day Year: Note (1) Oct 1 25,000 14% 1 year Note (2) Jun 30 22.000 12% 9 months Note (3) Jun 19 12,000 6% 180 days
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