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On April 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 $ to its supplier using a month, note.
Required:
Record the following transactions for Shoemaker Corporation:
The loan of $ and acceptance of the note receivable on April
The adjusting entry for accrued interest on December
Cash collection of the note and interest on April
If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Record the Ioan of $ and acceptance of the note receivable on April
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditApril
