Kelly Realty loaned money and received the follwoing notes during 2014: Note Date Principal Amount..


Question Description:

25

Kelly Realty loaned money and received the follwoing notes during 2014: Note Date Principal Amount.. 1 answer below » 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 the 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 is not required. 3. Journalize the collection of principal and interest at maturity of View complete question » 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 the 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 is not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanation are not required View less » Jan 28 2016 10:15 AM

Answer

25