On February 1, 2023, the Success Company accepted a six-month note receivable as an extension of...

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On February 1, 2023, the Success Company accepted a six-month note receivable as an extension of time for a balance of $13,000 owing from Climbing Company. The note has an annual interest rate of 7%. Success Company has a June 30 year end. Required a) Prepare the journal entry for Success Company when the note is signed. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Feb 1 Notes Receivable Accounts Receivable To convert accounts receivable to a note receivable b) Prepare the journal entry for the year-end adjustment. Round your answers to 2 decimal places. Date Jun 30 Account Title and Explanation To accrue interest at year end Debit Credit 13000 13000 Debit Credit c) Climbing Company honours the note. Prepare the journal entry upon payment. Round your answers to 2 decimal places. Enter credit entries in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 To receive note at maturity Check = X On February 1, 2023, the Success Company accepted a six-month note receivable as an extension of time for a balance of $13,000 owing from Climbing Company. The note has an annual interest rate of 7%. Success Company has a June 30 year end. Required a) Prepare the journal entry for Success Company when the note is signed. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Feb 1 Notes Receivable Accounts Receivable To convert accounts receivable to a note receivable b) Prepare the journal entry for the year-end adjustment. Round your answers to 2 decimal places. Date Jun 30 Account Title and Explanation To accrue interest at year end Debit Credit 13000 13000 Debit Credit c) Climbing Company honours the note. Prepare the journal entry upon payment. Round your answers to 2 decimal places. Enter credit entries in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 To receive note at maturity Check = X