2. Uniform Supply (lender) accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17 in exchange for services. The 10% interest rate is an annual rate. Please upload the

1. Origination
2. Accrual at December 31 and
3. Settlement entry on January 15 of the following year. Use Principal * Rate * Time to calculate the interest (hint the total interest is 90 days or 1/4 of a year).
    

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Prepare journal entries for each of the following transactions: On December 1, 20X5, Musaka received a 10%, 1-year, note receivable from Lambert. This note was issued in payment for a $24,000 outstanding account receivable. On December 31, 20X5, Musaka recorded an end-of-year adjusting entry to record accrued interest on the note receivable. On November 30, 20X6, Lambert paid Musaka the full amount due on the note receivable. How would the November 30 entry differ if Lambert defaulted on the payment? Prepare journal entries for each of the following transactions: On December 1, 20X5, Musaka received a 10%, 1-year, note receivable from Lambert. This note was issued in payment for a $24,000 outstanding account receivable. On December 31, 20X5, Musaka recorded an end-of-year adjusting entry to record accrued interest on the note receivable. On November 30, 20X6, Lambert paid Musaka the full amount due on the note receivable. How would the November 30 entry differ if Lambert defaulted on the payment?

Answer rating: 100% (QA)

1 Prepare journal entries for each of the following transactions ANSWER December 1 20X5 Dr Note Rece... View the full answer