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Prepare the adjusting journal entry on December

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Reference no: EM133055725

Question - Your customer has an overdue A/R which you have decided will be replaced with a $50,000 (face value) non-interest-bearing note receivable, on June 1, 2021. An interest rate of 6% is appropriate for this note, and the note is due in one year. Round all amounts to the nearest dollar.

A. Prepare the journal entry for the N/R issuance on June 1, 2021.

B. Prepare the adjusting journal entry on December 31, 2021, your company's year-end.

C. Prepare the journal entries on the maturity date of the N/R.

Reference no: EM133055725

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