Prepare the entries to recognize the notes payable and accrued interest, if any. The year-end is December 31.

Below are three unrelated scenarios:

i. On July 1, a one-year note for $120,000 was accepted in exchange for an unpaid accounts receivable for $120,000. Interest for 5% would be payable at maturity.

ii. On July 1, a one-year non-interest bearing note for $110,250 was accepted in exchange for an unpaid accounts receivable for $105,000. The market rate of interest at that time was 5%.

iii. On July 1, a one-year 10% note for $115,000 was accepted in exchange for an unpaid accounts receivable $104,545 from a higher-risk customer. The customer’s borrowing interest rate at that time was 10%.

Required:

a. Prepare the entries to recognize the notes payable and accrued interest, if any. The year-end is December 31.

b. Assume that for item (iii) above, the borrower faces financial difficulties and can only pay 75% of the note’s maturity amount. After a thorough analysis, the creditor determines that the 25% remaining is uncollectible. Prepare the entry for the note at maturity.

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