xerclse 7.14 (Algo) Notes and Interest (LO7.7) August 1, year 1, Hampton Construction received o 4.5 percent, 6 -month note receivable from Dusty Rosds, one of Hampton onstruction's problem credit customers. Roods hod owed $44,900 on an outstanding account receivable. The note receivable wos ken in settlement of this amount. Assume that Hampton Construction makes adjusting entries for sccrued interest revenue once ach year on December 31 . Record the receipt of the note on August 1 in settlement of the sccount receivoble. Record accrued interest at December 31 , yeor 1. Assume that Dusty Roods pays the note plus accrued interest in full. Record the collection of the principal and interest on Janusry 31, year 2. Assume that Dusty Roods did not make the necessory principal and interest poyment on Janusry 31, year 2 . Rather, assume that he defoulted on his obligation. Record the defoult on Jonuary 31 , yeor 2. Journalize the sbove four events on the books of Hampton Construction. Indicate the effects of esch of the four tronsoctions journslized in port a on the elements of the finsucisl statement shown below. se the code letters I for incresse, D for decresse, and NE for no effect. Complete this question by entering your answers in the tabs below. Doumalize the above four events on the books of Hampton Construction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest. dollar amount.) Journal entry worksheet 4 Record the entry to accept a six-month, 4.5% note receivable in settlement of an account receivable on August 1. Note: Enter debits before credits. xerclse 7.14 (Algo) Notes and Interest (LO7.7) August 1, year 1, Hampton Construction received o 4.5 percent, 6 -month note receivable from Dusty Rosds, one of Hampton onstruction's problem credit customers. Roods hod owed $44,900 on an outstanding account receivable. The note receivable wos ken in settlement of this amount. Assume that Hampton Construction makes adjusting entries for sccrued interest revenue once ach year on December 31 . Record the receipt of the note on August 1 in settlement of the sccount receivoble. Record accrued interest at December 31 , yeor 1. Assume that Dusty Roods pays the note plus accrued interest in full. Record the collection of the principal and interest on Janusry 31, year 2. Assume that Dusty Roods did not make the necessory principal and interest poyment on Janusry 31, year 2 . Rather, assume that he defoulted on his obligation. Record the defoult on Jonuary 31 , yeor 2. Journalize the sbove four events on the books of Hampton Construction. Indicate the effects of esch of the four tronsoctions journslized in port a on the elements of the finsucisl statement shown below. se the code letters I for incresse, D for decresse, and NE for no effect. Complete this question by entering your answers in the tabs below. Doumalize the above four events on the books of Hampton Construction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest. dollar amount.) Journal entry worksheet 4 Record the entry to accept a six-month, 4.5% note receivable in settlement of an account receivable on August 1. Note: Enter debits before credits