Ch $6$ HW $1$

Question $5,$ SF$9-11($similar to$)$

Part $1$ of $3$

HW Score: $22\mathrm{.}22\%,2$ of $9$ points

Points: $0$ of $1$

On December $1,$ Kean Company accepted a $120-$day, $3\%,$$$36,500$ note receivable from $J.$ Stow in exchange for his account receivable.

Read the requirements.

Requirement $1.$ Journalize the transaction on December $1.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Dec$.1,,,]]$

Requirements

Journalize the transaction on December $1.$

Journalize the adjusting entry needed on December $31$ to accrue interest revenue. Round to the nearest dollar.

Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.