Notes Receivable On September 1, 2008, Dougherty Corp. accepted a six-month, 7%, $45,000…

Notes Receivable

On September 1, 2008, Dougherty Corp. accepted a six-month, 7%, $45,000 interestbearing

note from Rozelle Company in payment of an accounts receivable. Dougherty’s year-end

is December 31. Rozelle paid the note and interest on the due date.

Required

1. Who is the maker and who is the payee of the note?

2. What is the maturity date of the note?

3. Prepare all necessary journal entries that Dougherty needs to make in connection with this note.