ACCOUNTING-prepare all journal entries for sokos over the term of the note

QUESTION

my new question:On Nov. 1 2015, Sokos inc. accepted a three-month .6%, 40,000 $ note from malmo inc. in settlement of its account. interest is due on the first day of each month,starting dec. 1.both companies year ends are dec. 31.InstructionsA) prepare all journal entries for sokos over the term of the note .assume that the note is collected in full on the maturity date.B) prepare all journal entries for Malmo over the term of the note. assume that the note is paid in full on the maturity date.c) Assume that instead of honouring the note at maturity ,Malmo dishonours it. prepare the necessary journal entry on Sokos’s books at the maturity date,Feb,1 2016 assuming that eventual collection of the note is 1) expected, and 2) not expected . interest was last paid by Malmo on jan.1

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