Using the information provided in BE 9- 19, prepare the journal entries to record the sale, the accrued interest revenue, and the full collection at maturity, assuming that the sale date is September...

Using the information provided in BE 9- 19, prepare the journal entries to record the sale, the accrued interest revenue, and the full collection at maturity, assuming that the sale date is September 1, 2014, and the note is due on March 31, 2015. In BE 9- 19 Welk Associates sold a piece of equipment to Convey Company on June 1, 2014, for $ 800,000. Welk agreed to accept a 7- month, 7% note with interest due on its maturity date, December 31, 2014. Welk only prepares financial statements at its calendar year- end. Prepare the journal entries required to record the sale and the full collection at maturity. View Solution:

Using the information provided in BE 9 19 prepare the