Note receivable--journal entries
On September 1, 2010, Dental Equipment Corporation sold equipment priced at $350,000 in exchange for a six-month note receivable with an annual interest rate of 12%, all due at maturity.
(a.) Prepare the December 31, 2010 (fiscal year-end), adjusting entry made by Dental with regard to this note receivable.
(b.) Prepare the entry made by Dental on March 1, 2011(maturity date of note), to record collection of note and interest.

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The Answer of Note receivable--journal entries
On September 1, 2010, Dental Equipment Corporation sold equipment priced at $350,000 in exchange for a six-month note receivable with an annual interest rate of 12%, all due at maturity.
(a.) Prepare the December 31, 2010 (fiscal year-end), adjusting entry made by Dental with regard to this note receivable.
(b.) Prepare the entry made by Dental on March 1, 2011(maturity date of note), to record collection of note and interest.

Note Receivable--Journal Entries On September 1, 2010, Dental Equipment Corporation Sold Equipment Priced