On April 1, 2018, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...
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On April 1, 2018, 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 $530,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $530,000 and acceptance of the note receivable on April 1, 2018. 2. The adjustment for accrued interest on December 31, 2018. 3. Cash collection of the note and interest on April 1, 2019. Record the above transactions for Shoemaker Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On April 1, 2018, 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 $530,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $530,000 and acceptance of the note receivable on April 1, 2018. 2. The adjustment for accrued interest on December 31, 2018. 3. Cash collection of the note and interest on April 1, 2019. Record the above transactions for Shoemaker Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Answer rating: 100% (QA)
No Date 1 2 3 April 01 2018 December 31 2018 April 01 2019 General Journal Notes Re... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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