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 Star Company. Beta Company believed that it would have sufficient cash one year later, therefore signed a one-year notes receivable for the $16,000 that was owed. The annual interest rate is 7% payable on July 1 and January 1. Star Company has a year end of June 30. On January 1, 2021, Beta Company dishonored the note because it went bankrupt. Star Company assessed that the debt will never be collected and decided to immediately write off the note. Required a) Prepare the journal entry for Star 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 Debit Credit Jan 1 Notes Receivable 6000 Accounts Receivable 16000 To record notes receivable in replacement of accounts receivable b) Prepare the journal entry for the year-end adjustment. Date Account Title and Explanation Debit Credit Jun 30 Interest Receivable Interest Revenue To record accrued interest revenue c) Prepare the journal entry for the receipt of the first interest payment. Date Account Title and Explanation Debit Credit Jul 1 Cash Interest Receivable To record receipt of interest payment d) Prepare the journal entries to write off Beta Company's note on January 1, 2021 using the allowance for doubtful accounts. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jan 1 Interest Receivable Interest Revenue To accrue interest on the note Jan To record the write off of the note receivable Check