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Record all relevant journal entries

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Question - White Mountain Company-accounting for long-term notes: White Mountain requests that you record journal entries for a note it received in 20X5. On 1 January 20X5, White Mountain sold merchandise for $12,000 and received a $12,000, three-year, 6% note; 12% was the current market rate of interest at that time. Interest is paid annually at the end of each year, and the principal is due at the end of the third year. Provide journal entries from inception to final payment. Use the gross method to record the note.

Record all relevant journal entries.

Reference no: EM132479629

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