Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the collection of principal and interest at maturity for note (1). Journalize the collection of principal and interest at maturity for note (2). Journalize the collection of principal and interest at maturity for note (3).
Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the collection of principal and interest at maturity for note (1). Journalize the collection of principal and interest at maturity for note (2). Journalize the collection of principal and interest at maturity for note (3).
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Question
Determine the maturity date and maturity value of each note.
Date Principle Amount Interest Rate Term
(Note 1) Oct. 1 $18,000 14% 1 year
(Note 2) Jun. 30 $14,000 10% 9 months
(Note 3) Sept. 19 $26,000 12% 90 days
Begin with the journal entry to establish note 1.
Journalize the entry to establish note 2.
Journalize the entry to establish note 3.
Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2024, the fiscal year-end.
Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)
Journalize the collection of principal and interest at maturity for note (1).
Journalize the collection of principal and interest at maturity for note (2).
Journalize the collection of principal and interest at maturity for note (3).
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