Kelly Realty loaned money and received the following notes during 2014. Principal Amount Interest Rate $...
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Kelly Realty loaned money and received the following notes during 2014. Principal Amount Interest Rate $ 24,000 17% 18,000 6% 12,000 12% Note Date Aug.1 Nov. 30 Dec. 19 (2) (3) Term 1 year 6 months 30 days Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to record accrued interest revenue on all three notes. Explanations are not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanations are not required. Kelly Realty loaned money and received the following notes during 2014. Principal Amount Interest Rate $ 24,000 17% 18,000 6% 12,000 12% Note Date Aug.1 Nov. 30 Dec. 19 (2) (3) Term 1 year 6 months 30 days Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to record accrued interest revenue on all three notes. Explanations are not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanations are not required.
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1 24000 17 Note Date Principal Amount Interest Rate Term Maturity date Maturity value Formula 1 Aug ... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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