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Prepare the december adjusting entry for accrued interest

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At December 31, 2021, Crane Company had a five-month, 4%, $ 73,200 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022.

Problem 1: Prepare the December 31, 2021, adjusting entry for accrued interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Problem 2: Prepare the January 1, 2022, reversing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Problem 3: Prepare the March 1, 2022, entry to record the receipt of cash at maturity for the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Reference no: EM132993508

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