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Record journal entry for collection of the percent note

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Problem - Assume that part of accounts and other receivables on Trejada's Toys' February 2, 2014, balance sheet is comprised of $43,225,000 of notes receivable. Two notes make up the amount. The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days. The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days. Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2.

Reference no: EM132727527

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