Notes Receivable and Interest
On September 1,2011, Health Wise International acquired a 12 percent, nine-month note receivable from Herbal Innovations, a credit customer, in settlement of a $22,000 account receivable. Prepare journal entries to record the following :
a. The receipt of the note on September 1,2011 , in settlement of the account receivable.
b. The adjustment to record accrued interest revenue on December 31 , 2011 .
c. The collection of the principal and interest on May 31, 2012.
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