Please complete in excel P931A Accounting for notes receivable and accruing interest Kelly...
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P931A Accounting for notes receivable and accruing interest Kelly Realty loaned money and received the following notes during 2014 Note Date Principal Amount Interest RateTerm (1) Aug.1 24,000 1 year (2) Nov. 30 18,000 6 months 6% (3) Dec. 19 30 days 12,000 12% Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2014, the fiscal year-end, to record accrued interest revenue on all three notes. Explanations are not required. 3. Journalize the collection of principal and interest at maturity of all three notes. Explanations are not required
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