Question 12 Crane Company accepts a $24,000, four month, 8% note receivable in settlement of an account receivable on June 1, 2021. Interest is to be paid at maturity. Crane Company has a December 31 year end and adjusts its accounts annually. (Note: Lee Company uses only one allowance account for both accounts and notes receivable.) Record (1) the issue of the note on June 1 and (2) the settlement of the note on October 1, assuming the note is honoured. (Credit count titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Accept note for accounts receivable) (To record collection of note receivable and interest.)