Transaction list:

1) Record the acceptance of the note.

2) record the adjusting entry for interest receivable as of December 31, 2018.

3) Record the receipt of annual interest as of December 1, 2019.

4) Record the adjusting entry for interest receivable as of December 31, 2019.

5) Record the receipt of annual interest as of December 1, 2020.

6) Record the adjusting entry for interest receivable as of December 31, 2020.

7) Record the cash collection.

On December 1, 2018, Oklahoma Accounting provides services to a customer for $80,000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1,2018 2. Record the interest collected on December 1 for 2019 and 2020, and the adjustment for interest revenue on December 31 for 2018, 2019, and 2020. 3. Record the cash collection on December 1, 2021 Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the acceptance of the note. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2018