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During the beginning of 2024 one of Erick's customers Hanah was experiencing cash...

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Accounting

During the beginning of 2024 one of Erick's customers Hanah was experiencing cash flow problems and was unable to pay her $19,120 account to Erick Mangement Group. Erick Management Group agreed to substitute a two-year note for the open account starting on January 1st,2024. Erick issued a two year non-interest bearing note. The note has an implied interest rate of 6%. Prepare the journal or adjusting entries for the note for the two years. Prepare the entries for jan 1,2024, dec 31,2024, Dec 31,2025 and Dec 31,2025.

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