12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 9, Problem P9.32APGA

Accounting for notes receivable and accruing interest

Learning Objective 4
1. Note3Dec 18, 2018

Carley Realty loaned money and received the following notes during 2018.

Note	Date	Principal Amount	Interest Rate	Term
(1) (2) (3)	Apr.1 Apr.30 Apr.19	$6,000 12,000 18,000	7% 6% 8%	1 year 6 months 90 days

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.

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Chapter 9, Problem P9.31APGA

Chapter 9, Problem P9.33APGA

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Horngren's Accounting (12th Edition)

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