Kelly Realty loaned money and received the follwoing notes during 2014: Note Date Principal Amount...
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Kelly Realty loaned money and received the follwoing notes during 2014: Note Date Principal Amount Interest Rate Term 1 Aug 1 $24,000 17% 1 year 2 Nov 30 18,000 6% 6 months 3 Dec 19 12,000 12% 30 days Requrements: 1. Determine the maturity date and maturity value of each note 2. Journalize the entry to record te inception of each of these three notes and also journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to record accrued interest revenue on all three notes. Explanation are not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanation are ot required
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