(a) Accept note March 1, Year 1 5 Issue Date March 1, Year 1 6 Principal 7 Rate 8 Maturity Date March 1, Year 4 (b) Interest Revenue 9 Number of months of interest in year Interest revenue** 10 11 12 13 December 31, Year 1 December 31, Year 2 December 31, Year 3 March 1, Year 4 14 15 (c) Accrue interest December 31, Year 1 December 31, Year 2 December 31, Year 3 16 17 18 19 (d) Receive cash at maturity March 1, Year 4 20 21 22 23 24 25 Insert a different amount in any of the blue cells in the given information to see alternative calculations. 26 **Assume interest is calculated as simple interest on the initial principal only. 27 Revise your calculations based the new information provided below and then answer the questions that follow. A company lends $366,000 to an owner and accepts a three year, 7% note in return. The note was issued on June 1st of the current year, and will be due on June 1st of the final year of the note. Required: (a) Prepare the journal entry to be made when the company makes the loan and accepts the note in return. (If no entry is required fo a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date 1 June 01 Notes Receivable Cash General Journal Debit Credit 366,000 366,000 ( 8 (d) Prepare the journal entry to record receiving the cash at the note's maturity. (If no entry is required for a transaction/event, se "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the receipt of cash on account of 7% note receivable. Note: Enter debits before credits. Date June 01 General Journal Debit Credit Notes Receivable 366,000 Record entry Clear entry View general journal >