Journal entry worksheet 1. 7 Record the receipt of annual interest as of December 1,...
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Journal entry worksheet 1. 7 Record the receipt of annual interest as of December 1, 2026. Note: Enter debits before credits. On December 1, 2024, Liang Chemical provides services to a customer for $85,000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 . Required: 1. Record the acceptance of the note on December 1,2024. 2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1,2025 and 2026 3. Record the cash collection on December 1,T2027 Prepare the joutnal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 7 Record the adjusting entry for interest as of December 31, 2025. Note: Enter debits before credits. Journal entry worksheet 123 Record the adjusting entry for interest as of December 31, 2026. Note: Enter debits before credits. Journal entry worksheet 123 Journal entry worksheet (5) 6 Record the receipt of annual interest as of December 1, 2025. Note: Enter debits before credits
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