At year$-$end BCE has $$110,000$ in accounts receivables from officers on the books. The Board of

Directors approved these loans which are in the form of $“$demand$”$ notes. One of the staff assistants

asked whether there was any intent to require officers to pay back these loans. Linda Wilson and Jan

Wiggs, who each owe $1/2$ of the total amount outstanding, agreed that while not much thought had

been given to it$,$ they imagined that they might someday repay the loans. On the other hand, they

thought that the Board of Directors might forgive the loans some year in lieu of their annual bonus.

What is the journal entry and the adjusted journal entry?