Question: On December 31, 2019, Don accepted a note receivable from Mikes Builders for $1,000 as a good faith promise to pay for electrical engineering services

On December 31, 2019, Don accepted a note receivable from Mikes Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days. Prepare Dons journal entry for December 31, 2019.

b. Same facts as above. Prepare the journal entry for Don on March 31, 2020 (quarterly) pertaining to the note.

6. A $20.00 bank service charge was charged by your bank account for the month of January 31, 2020.

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