On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having...
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On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $590,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $590,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022. Record the above transactions for Shoemaker Corporation (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Des No General Journal Credit Date April 01, 2021 Debit 590,000 1 Notes Receivable Cash 590,000 2 December 31 2021 Interest Receivable 53,100 Interest Revenue 53,100 3 April 01, 2022 Cash Notes Receivable Interest Receivable
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