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QUESTION 1 On December 1 2021, Kole Co accepted a 120-day, 6%, $17,000 note receivable from J. Peterman in exchange for his account receivable.

QUESTION 1 On December 1 2021, Kole Co accepted a 120-day, 6%, $17,000 note receivable from J. Peterman in exchange for his account receivable. Kole Co's financial year ended on December 31, 2021. Requirements In the books of Kole Co: (a) Journalize the transaction on December 1, 2021. (3 marks) (b) Journalize the adjusting entry needed on December 31, 2021. (3 marks) (c) Journalize the collection of the principal and interest on March 31, 2022. (4 marks)

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