On April 1,2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting...

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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 $430,000 to its supplier using a 12-month, 10% note. Required: 1. The loan of $430,000 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 No Date General Journal Debit Credit 1. April 01, 2021 Notes Receivable 430,000 Cash 430,000 December 31, 2 2021 Interest Receivable 35,475 Interest Revenue 35,475 3. April 01, 2022 Cash Notes Receivable Interest Receivable Interest Revenue 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 $430,000 to its supplier using a 12-month, 10% note. Required: 1. The loan of $430,000 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 No Date General Journal Debit Credit 1. April 01, 2021 Notes Receivable 430,000 Cash 430,000 December 31, 2 2021 Interest Receivable 35,475 Interest Revenue 35,475 3. April 01, 2022 Cash Notes Receivable Interest Receivable Interest Revenue

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Requirement Record the transactions for Shoemaker Corporation 1 The loan o... View the full answer