The Houston Insurance Agency received the following notes during 2012:Requirements1. Identifying each note by number, compute the total interest on each note over the note term using a 360-day year, and determine the due date and maturity value of each note.2. Journalize a single adjusting entry on December 31, 2012, to record accrued interest revenue on all three notes. Explanations are not required.3. For note (1), journalize the collection of principal and interest at maturity. Explanations are notrequired.
The Houston Insurance Agency received the following notes during 2012