1. Determine the maturity date and maturity value of each note. 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, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ab. 114.

Requirements
1. Determine the maturity date and maturity value of each note.
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, 2018, the fiscal year-end, to record accrued interest revenue
on any applicable note. Explanations are not required. Round to the nearest
dollar.
Delaney Realty loaned money and received the following notes during 2018.
(Click the icon to view the notes received.)
Read the requirements.
Note
Note (1)
Note (2)
Note (3)
Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute
interest using a 365-day year. Round to the nearest dollar.)
Date
Oct. 1
Jun. 30
Jun. 19
Principal Amount
14,000
28,000
10,000
Interest Rate
13%
11%
10%
-
Term
1 year
9 months
180 days
X
Due date
Month/Day Year
Transcribed Image Text:Requirements 1. Determine the maturity date and maturity value of each note. 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, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar. Delaney Realty loaned money and received the following notes during 2018. (Click the icon to view the notes received.) Read the requirements. Note Note (1) Note (2) Note (3) Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year. Round to the nearest dollar.) Date Oct. 1 Jun. 30 Jun. 19 Principal Amount 14,000 28,000 10,000 Interest Rate 13% 11% 10% - Term 1 year 9 months 180 days X Due date Month/Day Year
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