On April 1 2021 Shoemaker Corporation Realizes That One Of Its Main Suppliers Is Having Difficulty Meeting Delivery Sc 1 (36.68 KiB) Viewed 9 times
On April 1 2021 Shoemaker Corporation Realizes That One Of Its Main Suppliers Is Having Difficulty Meeting Delivery Sc 2 (33.23 KiB) Viewed 9 times
On April 1 2021 Shoemaker Corporation Realizes That One Of Its Main Suppliers Is Having Difficulty Meeting Delivery Sc 3 (29.3 KiB) Viewed 9 times
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 $420,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $420,000 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 Journal entry worksheet 2 3 Record the loan of $420,000 and acceptance of the note receivable on April 1, 2021. Note: Enter debits before credits. Date April 01, 2021 General Journal Debit Credit
Journal entry worksheet < 1 2 Record the adjusting entry for accrued interest. Date December 31, 2021 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
Journal entry worksheet 2 Record the cash collection. Date April 01, 2022 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
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