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The following information is available regarding loans a company made during 2018: (Click the icon to view the notes received.) Requirement 1. Determine maturity date
The following information is available regarding loans a company made during 2018: (Click the icon to view the notes received.) Requirement 1. Determine maturity date and maturity value for each of the three notes. Note Date Term Interest Rate 13% Principal Amount 20,000 24,000 2 6,000 1 year 6 months Due date Month/Day Year Apr. 1 2019 Mar 30 2019 Dec. 16 2018 Maturity value $ 22,600 25,320 11% (2) (3) Sep 30 Jun. 19 12% 180 days Requirement 2. For just Note (2), prepare the company's entry on maturity date. (Exclude explanation for the entry.) Accounts and Explanation Debit Credit Date 2019 Mar. 30 25,320 Cash Interest Receivable Note Receivable (Note 2) Interest Revenue bun in the inne fialde and then click Check Answer Note Date Term (1) Apr. 1 Sep 30 Jun. 19 Principal Amount interest Rate $ 20,000 13% 24,000 26,000 Due date Month/Day Year Maturity value Apr. 1 2019 $ 22,600 Mar. 30 2019 25,320 Dec. 16 2018 1 year 6 months 180 days 1194 (3) 20 Requirement 2. For just Noto (2), prepare the company's entry on maturity date. (Exclude explanation for the entry.) Accounts and Explanation Date Credit Debit 2019 25,320 Mar. 30 Cash Interest Receivable Note Receivable (Note 2) Interest Revenue
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