Christie Realty loaned money and received the following notes during 2012.

Requirements
For each note, compute interest using a 360-day year. Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at October 31, 2012, the fiscal year end, to record accrued interest revenue on all three notes.
3. Journalize the collection of principal and interest at maturity of all threenotes.

Transcribed Image Text:

Principal Amount 12,000 20,000 10,000 Date Interest Rate Note Term (1) 1 year 6 months 30 days Jun 1 10% (2) Sep 30 9% 12% (3) Oct 19