Question: Using the information provided in BE9-19. prepare the journal entries to record the sale, the accrued interest revenue, and the full collection at maturity assuming

Using the information provided in BE9-19. prepare the journal entries to record the sale, the accrued interest revenue, and the full collection at maturity assuming that the sale date was September 1, 2016, and the note was due on March 31, 2017.

Data from BE9-19

Welk Associates sold a piece of equipment Convey Company on June 1, 2016, for $800,000. Welk agreed to accept a 7-month, 7% note with interest due on its maturity date. December 31, 2016. Welk prepares financial statements only at its calendar year-end. Prepare the journal entries required to record the sale and the full collection at maturity. Ignore cost of goods sold and inventory.

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