Original journal entry to record issue of note receivable

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On Jan 1, 2014 Xena provided services in exchange for a 2 year $100,000, 8% note receivable that pays interest quarterly. The customer's normal borrowing rate is 12%. 1. Prepare a schedule with debits and credits through the life of the note. 2. Prepare original journal entry to record the issue of the Note Receivable. 3. Prepare journal entry to record the interest on 12/31/15 for the note receivable. 4. On Jan 1, 2014 what is the carrying value of the Note Receivable

Reference no: EM131293710

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