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P8.7A On November 1, 2021, Sokos Inc. accepted a three-month, 9%,$60,000 note from Malmo Inc....

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Accounting

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P8.7A On November 1, 2021, Sokos Inc. accepted a three-month, 9%,$60,000 note from Malmo Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1 . Both companies' year ends are December 31 . Sokos has few notes receivable and does not use the allowance method. Instructions Assume that, instead of honouring the note at maturity, Malmo dlshonours it. Prepare the necessary journal entry on Sokos's books at the maturity date, February 1, 2022, assuming that eventual collection of the note is (1) expected, and (2) not expected. Interest was last paid by Malmo on January 1

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