Journalize the entries to establish each note receivable

Reference no: EM131819474

Question: Accounting for notes receivable and accruing interest Kelly Realty loaned money and received the following notes during 2016.

Requirements: 1. Determine the maturity date and maturity value of each note.

2. Journalize the entries to establish each Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required.

3. Journalize the collection of principal and interest at maturity on the three notes. Explanations are not required.

Reference no: EM131819474

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