on October 1, 2015, ABC dental Equipment corporation sold equipment priced at 175,000$ in exchange...
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Accounting
on October 1, 2015, ABC dental Equipment corporation sold equipment priced at 175,000$ in exchange for 1 year note receivable with an annual interest rate of 10%, all due at maturity.
(a). prepare the December 31,2015 (fiscal year-end), adjusting entry made by ABC Dental Equipment Corporation with regard to this note receivable. (to record accrued interest)
(b). prepare the entry made by ABC Dental Equipment Corporation on October 1,2016 (maturity date of note), to record collection of note and interest.
(c). Assume that on October 1, 2016, the maker of the note defaults and ABC Dental Equipment Corporation does not collect the note. Prepare the entry to be made by ABC Dental Equipment Corporation on October 1, 2016, in this situation
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