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On November 1, 2019, Mandrake Corp. and Olivier Ltd. reached an agreement to convert Olivier's outstanding account receivable of $27,000 into a 4-month, 8% note receivable. On February 1, 2020, Olivier dishonoured the note receivable.
Problem 1) Show all required journal entries for Mandrake for the above transactions, assuming a December 31 year end and assuming adjusting journal entries are recorded at the end of its fiscal year.
Problem 2) Record the total amount of interest on the note.
Problem 3) Show calculation for each number
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