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What did i do wrong here? Due date Note Date Principal Amount Interest Rate Term Year Maturity value Month/Day Apr. 1 Apr. 1 $ 6,000
What did i do wrong here?
Due date Note Date Principal Amount Interest Rate Term Year Maturity value Month/Day Apr. 1 Apr. 1 $ 6,000 7% 1 year 2025 $ 6,420 Note (1) Note (2) 12,000 6% 6 months Mar. 30 2025 12,360 Sep. 30 Sep. 19 Note (3) 18,000 8% 90 days Dec. 18 2024 18,355 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 December 31, 2024, the fiscal year-end, to record accrued 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. Date Accounts and Explanation Debit Credit 2024 Apr. 1 Cash 6420 Note Receivable (Note 1) 6000 Interest Revenue 420Step by Step Solution
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