Business, 06.11.2019 06:31 fredvales19

On december 1, 2021, liang chemical provides services to a customer for $90,000. in payment for the services, the customer signs a three-year, 10% note. the face amount is due at the end of the third year, while annual interest is due each december 1. required: record the acceptance of the note on december 1, 2021. record the interest collected on december 1 for 2022 and 2023, and the adjustment for interest revenue on december 31 for 2021, 2022, and 2023. record the cash collection on december 1, 2024.

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Answer from: potato3999

Answer

Dec 1 2021 Debit Credit

Note Receivable 90,000

Service Revenue 90,000

Dec 1 2022

Cash 9,000

Interest Revenue 9,000

Dec 1 2023

Cash 9,000

Interest Revenue 9,000

Dec 1 2024

Cash 99,000

Interest Revenue 9,000

Note Receivable 90,000

Dec 31 2021

Interest Receivable 750

Interest Revenue 750

Dec 31 2022

Interest Receivable 750

Interest Revenue 750

Dec 31 2023

Interest Receivable 750

Interest Revenue 750

Explanation:

Answer from: Quest

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Answer from: Quest

the correct answer is:

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On december 1, 2021, liang chemical provides services to a customer for $90,000. in payment for the...

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