The following selected transactions for notes receivable are for Acre Limited.
May 1 Received a six-month, 5%, $12,000 note on account from Blackstone Limited. Interest is due at maturity.
June 30 Accrued interest on the Blackstone note on this date, which is Acre's year end.
July 31 Lent $10,000 cash to an employee, Noreen Wong, issuing a three-month, 7% note. Interest is due at the end of each month.
Aug. 31 Received the interest due from Ms. Wong.
Sept. 30 Received the interest due from Ms. Wong.
Oct. 31 Received payment in full for the employee note from Ms. Wong.
Nov. 1 Wrote off the Blackstone note as Blackstone defaulted. Future payment is not expected.
Instructions
Record the above transactions for Acre Limited. Round calculations to the nearest dollar.