CH 8 HOMEWORK ASSIGNMENT Question 3 On December 31, 2020, Tobita Company had the following balances reported on its balance sheet: Notes Receivable $16,500 Interest Receivable $92.25 The following information is available for the notes receivable reported on December 31, 2020. Customer Note Principal Interest Rate Issue Date Term Interest Accrued 1 E. Tessier $4,500 5.00% Nov. 1, 2020 3 months $37.50 2 R. Wolde 4,500 4.60% 3 D. Deng 7,500 6.00% Nov. 30, 2020 Dec. 1, 2020 5 months 17.25 1 year 37.50 Total $16,500 Total $92.25 All notes require that the interest be paid on the maturity date of the note. All amounts owing on the notes were paid on time. Tobita prepares annual adjusting entries on December 31, the company's year end. Additional transactions of 2021: ENC 11:03 PM