Question: Chapter 7 Note Receivable Practice Problem 2 Prepare the entries for the following transactions of Rampage Incorporated. April 1, 2020 Rampage accepted a $12,000,8%,120-day note

Chapter 7 Note Receivable Practice Problem 2 Prepare the entries for the following transactions of Rampage Incorporated. April 1, 2020 Rampage accepted a $12,000,8%,120-day note in granting a time extension on a past due accounts receivable of a customer, Clipper Company. July 30, 2020 Received payment from Clipper for principal plus interest on the April 1st note. Nov, 1, 2020 Rampage lent Clydesdale Incorporated $6,000 on a 90-day, 6% note. Dec. 31, 2020 Prepare the year-end adjusting entry related to the Nov. 1 note. Jan. 302021 Received payment from Clydesdale for principal plus interest on the November 1st

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