Question: Question 7 (6 points) Saved ACCT-2043 Spring 2020 vb Kiwi Company accepted a $72,000, 6%, six-month note on April 1, 2021, from Duke McNabb as

Question 7 (6 points) Saved ACCT-2043 Spring 2020 vb Kiwi Company accepted a $72,000, 6%, six-month note on April 1, 2021, from Duke McNabb as an extension on his past-due account. Interest is to be paid at maturity. Kiwi Company's year-end is December 31, 2021. REQUIRED: a. Prepare the journal entry to record the receipt of the note on April 1, 2021. (2 marks) b. Prepare the necessary journal entry, assuming Duke McNabb dishonours the note on the maturity date. September 1, 2021. Eventual collection is expected. (Round to two decimal places) (4 marks) Format BIU Answer Part (a) GENERAL JOURNAL ACCOUNT TITLES AND DEDIT CREDIT DATE EXPLANATION

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