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RecRoom Equipment Company received a(n) $12,600, six-month, 5 percent note to settle an $12,600 unpaid...

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Accounting

RecRoom Equipment Company received a(n) $12,600, six-month, 5 percent note to settle an $12,600 unpaid balance owed by a customer.

  1. The note is accepted by RecRoom on November 1, causing the company to increase its Notes Receivable and decrease its Accounts Receivable.
  2. RecRoom adjusts its records for interest earned to its December 31 year-end.
  3. RecRoom receives the interest on the note's maturity date.
  4. RecRoom receives the principal on the note's maturity date.

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