Assume that Pope Enterprises held a $10,000, 10 percent, six-month note signed by Mary Drew....
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Accounting
Assume that Pope Enterprises held a $10,000, 10 percent, six-month note signed by Mary Drew. On December, 1, 2015, the maturity date, Drew dishonored the note. At this point, Drew owes a total of $10,500, which is comprised of the principal of $10,000 plus interest in the amount of $500 (or $10,000 x 10% x 6/12). Prepare the December 1 entry for Pope by selecting the account names and dollar amounts from the drop-down menus.
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