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Question 2 5 pts The following information is available for Kennedy Kustom Kars: June 1, 2019 Issued a $425,530 note to customer Lydia Stevens as
Question 2 5 pts The following information is available for Kennedy Kustom Kars: June 1, 2019 Issued a $425,530 note to customer Lydia Stevens as terms of a merchandise sale. The merchandise's cost to Kennedy is $231,700. Note contract terms included a 36-month maturity date, and a 5% annual interest rate. Dec. 31, 2019 Kennedy records interest accumulated for 2018. Dec. 31, 2020 Kennedy records interest accumulated for 2019. Dec. 31, 2021 Stevens honors the note and pays in full with cash. Required: Record Journal entries necessary on each of these dates on Kennedy's books. Upload Choose a File
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