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Determine the due date of the note

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Question - Save U Supermarket received a 120 day, 15% note for $20,000, dated September 22, 2021 from a customer for goods sold. The cost of the goods sold is $17,800.

a. Determine the due date of the note (day, month, year).

b. Journalize the adjusting entry to record the accrued interest revenue on Dec 31, 2021.

c. In your own words, EXPLAIN the reason for needing the adjusting entry (debit and credit).

d. Journalize the receipt of payment on the note on maturity date.

Reference no: EM133147537

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