Take me to the text On January 1, 2020, Beta Company determined that it would not be able to pay the accounts receivable that was owed to Mars Company. Beta Company believed that it would have sufficient cash one year later, therefore signed a one-year notes receivable for the $12,000 that was owed. The annual interest rate is 7% payable on July 1 and January 1. Mars Company has a year end of June 30. On January 1, 2021, Beta Company dishonored the note because it went bankrupt. Mars Company assessed that the debt will never be collected and decided to immediately write off the note. Required a) Prepare the journal entry for Mars Company when the note is signed. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Date Account Title and Explanation Jan 1 Notes Receivable Accounts Receivable To record notes receivable in replacement of accounts receivable b) Prepare the journal entry for the year-end adjustment. Date Account Title and Explanation Jun 30 Interest Receivable Interest Revenue To record accrued interest revenue Debit Credit 12000 Debit Credit 12000