Question: On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The note will has a term

On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The note will

On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The note will has a term of 35 days, with an interest rate of 7%. Assuming Nova makes adjustments on a monthly basis, record the journal entries for the acceptance of the note, the accrual of interest, and the receipt of payment on the maturity date.

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