Question: The following selected transactions occurred during 2016 and 2017 for

The following selected transactions occurred during 2016 and 2017 for Mediterranean Importers. The company ends its accounting year on April 30.
2016
Feb. 1 Loaned $20,000 cash to Candace Smith on a one-year,
6% note.
Apr. 6 Sold goods to Green Masters, receiving a 90-day, 9% note for $10,000. Ignore Cost of Goods Sold.
Apr. 30 Made a single entry to accrue interest revenue on both notes.
? Collected the maturity value of the Green Masters note.
2017
Feb. 1 Collected the maturity value of the Smith note.
Journalize all required entries. Make sure to determine the missing maturity date.


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  • CreatedJune 15, 2015
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