On April 1, 2024, Oakland Corporation realizes that one of its main suppliers is having difficulty...

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On April 1, 2024, Oakland Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Oakland's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Oakland agrees to lend $490,000 to its supplier using a 12-month, 10% note. Required: Record the following transactions for Oakland Corporation: 1. The loan of $490,000 and acceptance of the note receivable 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.) View transaction list Journal entry worksheet 1 2 3 Record the loan of $490,000 and acceptance of the note receivable on April 1, 2024. Note: Enter debits before credits. Date April 01, 2024 General Journal Debit Credit Journal entry worksheet 1 2 3 Record the adjusting entry for accrued interest on December 31, 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit > Journal entry worksheet 1 2 3 Record the cash collection of the note and interest on April 1, 2025. Note: Enter debits before credits. Date April 01, 2025 General Journal Debit Credit On April 1, 2024, Oakland Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Oakland's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Oakland agrees to lend $490,000 to its supplier using a 12-month, 10% note. Required: Record the following transactions for Oakland Corporation: 1. The loan of $490,000 and acceptance of the note receivable 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.) View transaction list Journal entry worksheet 1 2 3 Record the loan of $490,000 and acceptance of the note receivable on April 1, 2024. Note: Enter debits before credits. Date April 01, 2024 General Journal Debit Credit Journal entry worksheet 1 2 3 Record the adjusting entry for accrued interest on December 31, 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit > Journal entry worksheet 1 2 3 Record the cash collection of the note and interest on April 1, 2025. Note: Enter debits before credits. Date April 01, 2025 General Journal Debit Credit

Answer rating: 100% (QA)

Answer 1 April 1 Year 1 Dr Note Receivable 490000 cr Cash 490000 The loan was extended on 1 April Ye... View the full answer