Question 12 Pharoah Company accepts a $28,800, four-month, 8% note receivable in settlement of an account receivable on June 1, 2021. Interest is to be paid at maturity. Pharoah 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.) (a) 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 account 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 o 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.) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor