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Instructions On December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $15,000, 60-day note. Required: Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming: 1. Interest of 9% was assessed in addition to the face value of the note. 2. The note was issued as a $15,000 non-interest-bearing note with a present value of $14,777. The implicit interest rate on the note receivable was 9%. Assume a 360-day year. General Journal Shaded cells have feedback. X Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming an interest rate of 9% was assessed in addition to the face value of the note. How does grading work? PAGE 12 GENERAL JOURNAL Score: 88/100 DATE ACCOUNT TITLE POST. REF. CREDIT DEBIT 15,000.00 1 2 15,000.00 3 Dec. 11, 2019 Notes Receivable Sales Revenue Dec 31, 2019' Interest Receivable Interest Income Feb. 9,2020 Interest Income 75.00 4 75.00 5 6 Interest Receivable 75.00 7 Cash 8 Notes Receivable General Journal Shaded cells have feedback. X Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming the note was issued as a $15,000 non-interest-bearing note with a present value of $14,777. The implicit interest rate on the note receivable was 9%. Assume a 360-day year. How does grading work? PAGE 12 GENERAL JOURNAL Score: 91/113 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 15,000.00 2 14,777.00 Dec 11, 2019 Notes Receivable Sales Revenue Discount on Notes Receivable Dec. 31, 2019 Discount on Notes Receivable 3 223.00 > 4 5 Interest Income V 6 Feb. 9,2020 Cash 7 Notes Receivable Feb. 9,2020 Discount on Notes Receivable 9 Interest Income

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