Exercise 5-17 (Algo) Record notes receivable and interest revenue (LO5-7) On...
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Exercise 5-17 (Algo) Record notes receivable and interest revenue (LO5-7) On April 1, 2024, Macomb Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Macomb's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Macomb agrees to lend $590,000 to its supplier using a 12 -month, 12% note. Required: Record the following transactions for Macomb Corporation: 1. The loan of $590,000 and acceptance of the note recelvable on April 1, 2024. 2. The adjusting entry for accrued interest on December 31, 2024. 3. Cash collection of the note and interest on April 1, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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