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What appropriate journal entry Matchbox Corporation record

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Reference no: EM132657504

Problem - Notes Receivable

Matchbox Corporation lends money to Earnhardt Corporation on July 1, 2019, and accepts a nine-month, 10% promissory note/note receivable from Earnhardt for $48,000. Matchbox's year-end is December 31, 2019. All interest is due/payable at the time the note matures, April 1, 2020.

Required -

1. What is the appropriate journal entry Matchbox Corporation will record on July 1, 2019?

2. What is the appropriate journal entry Matchbox Corporation needs to record on December 31, 2019? Assume no adjusting entries have been made since the original entry to record the note on July 1, 2019.

3. What is the appropriate journal entry that Matchbox Corporation will make when the note matures on April 1, 2020?

Reference no: EM132657504

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