On June 1, 2021, Demer Consulting provides services to a customer for $150,000. To pay 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 June 1.   Required: 1. Record the acceptance of the note on June 1, 2021. 2. Record the interest collected on June 1 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021, 2022, and 2023. 3. Record the cash collection on June 1, 2023. Record the acceptance of the note.  please do a journal entry for each date. listed below. There should be 7 in total         Date Jun 01, 2021 dec 31,2021 jan 01,2022 dec 31,2022 jun 01,2023 dec 31,2023 jun 01,2023

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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On June 1, 2021, Demer Consulting provides services to a customer for $150,000. To pay 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 June 1.
 
Required:

1. Record the acceptance of the note on June 1, 2021.
2. Record the interest collected on June 1 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021, 2022, and 2023.
3. Record the cash collection on June 1, 2023.

  • Record the acceptance of the note.
 please do a journal entry for each date. listed below. There should be 7 in total
 
 
 
 
Date
Jun 01, 2021
dec 31,2021
jan 01,2022
dec 31,2022
jun 01,2023
dec 31,2023
jun 01,2023
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