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ASSETS REVENUE 111 Cash 121 Accounts Receivable 125 Notes Receivable 126 Discount on Notes Receivable 127 Interest Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Income 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings 411 Sales Revenue 431 Interest Income EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense On December 11, Year 1, Hooper inc. made a credit sale to Marshall Company and required Marshall to sign a \$21,000, 60-day note. Required: Prepare the joumal entries necessary to record the recelpt of the note by Hooper, the accual of interest on December 31 , Your t, and the customer's repayment on February 9, Year 2 assuming: 1. interest of as was assessed in addition to the face value of the note. 2. The nole was issued as a $21,000 non-interest-bearing note with a present value of $20,687. The implicit interest rate on the note receivable was 9%. Assume a 360 -day year. 2. Propare the joumat entrips necessary to record the receipt of the note by Hoopor, the accrual of interest on December 31 , Year 1 , and the customer 3 repayment on Fotruary 9 . Yaar 2 , assuming the note was issued as a \$21,000 nan-interest-bearing note with a present vabe of \$20,087. The implict interest rate on the note moceivable was oN. Assume at 360-day year. assiming an intarest cate of 9 s was assessed in addrion to the tace valie of the note General doumal fosirictions

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