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Prepare reversing entries and subsequent cash entries

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Problem 1: Prepare reversing entries and subsequent cash entries for the following.

On May 1, 2021 the company sold their equipment to a customer, and in exchange, the company agreed to receive a the 9-month note receivable shown on the Trial Balance. The customer pays interest every three months for the past three months (Aug 1st, Nov 1st, Feb 1st). The interest rate on the note is: 5%

Note Receivable is on unadjusted trial balance $15198.

Reference no: EM132823543

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