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Read the requirements Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year.
Read the requirements 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.) Interest Rate Term 9% Note (1) (2) (3) Date Oct. 1 Sep 30 Jun. 19 Principal Amount $ 16,000 26,000 22,000 1 year 6 months Due date Month/Day Year Maturity value Oct. 1 2019 $ 17,440 Mar. 30 2019 27,430 Dec. 16 2018 23,519 11% 14% 180 days Requirement 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 Decembe interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Begin with the journal entry to establish note 1. Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts AL Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2018, the fiscal year-end. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Interest Receivable Interest Revenue Choose from any list or enter any number in the input fields and then click Check
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