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A Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes duri A Accounting for notes receivable


p9-32A Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes duri p9-32A Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Learning Objective 4 1.Note 3 Dec. 18, 2018 Principal Amount Date Interest Rate Note Term Apr. 1 $6,000 (1) 7% 1 year 12,000 Sep. 30 6% (2) 6 months 18,000 90 days Sep. 19 8% (3) Requirements 1. Determine the maturity date and maturity value of each note. 2 lournalize 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 Explanations are not required. Round to the nearest dollar. revenue on any applicable note.

Feb 08 2020 View more View Less

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