On October 12,2015,Golf Co.received from one of its customers,Ping Co.,a $25,500,7% 90 day note receivable in granting a time extension on Ping's past due account receivable.Golf Co.has a December 31 year end.Ping Co.honoured the note at maturity.Prepare the entries for the issuance of the note,the end of year interest adjustment and the collection of the note at maturity.

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The Answer of  On October 12,2015,Golf Co.received from one of its customers,Ping Co.,a $25,500,7% 90 day note receivable in granting a time extension on Ping's past due account receivable.Golf Co.has a December 31 year end.Ping Co.honoured the note at maturity.Prepare the entries for the issuance of the note,the end of year interest adjustment and the collection of the note at maturity.