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Instructions On December 11,2019, Hooper Inc. made a credit sale to Marshall Company and...

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Question

Accounting

Instructions
On December 11,2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $15,000,60-day note.
Required:
Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31,2019, and the
customer's repayment on February 9,2020, assuming:
Interest of 12% was assessed in addition to the face value of the note.
The note was issued as a $15,000 non-interest-bearing note with a present value of $14,703. The implicit interest rate on the note receivable
was 12%. Assume a 360-day year.
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