12. White is a customer of Romero Supply. White has requested an extension of time to setting his $60,000 account with Romero. Rather than simply extending the time, on 12/1, Romero accepts a 3-month, 6% note receivable in settlement of an existing account receivable of the same amount. (1) Prepare Romero's entries for the note. (2) At 12/31, Romero accrues interest. Prepare entries. (3) On 3/1, the note matures. Prepare entries.

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1 Prepare Romeros entries for the note On 121 Romero would record the acc... View the full answer