Exercise $5-17($Algo$)$ Record notes receivable and interest revenue $($LO$5-7)$ 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 $$510,000$ to its supplier using a $12-$month, $11\%$ note. Required: Record the following transactions for Oakland Corporation: The loan of $$510,000$ and acceptance of the note receivable on April $1,2024.$ The adjusting entry for accrued interest on December $31,2024.$ 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.$)$ Exercise $5-17($Algo$)$ Record notes receivable and interest revenue $($LO$5-7)$

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 $\backslash (\backslash$$ $510,000\backslash )$ to its supplier using a $12-$month, $\backslash (11\backslash \%\backslash )$ note.

Required:

Record the following transactions for Oakland Corporation:

$1.$ The loan of $\backslash (\backslash$$ $510,000\backslash )$ and acceptance of the note recelvable on Aprll $\backslash (1,2024\backslash ).$

$2.$ 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.$)$

Journal entry worksheet

Record the loan of $\backslash (\backslash$$ $510,000\backslash )$ and acceptance of the note receivable on April $1,2024.$

Note: Enter debits before credits. Exercise $5-17($Algo$)$ Record notes receivable and interest revenue $($LO$5-7)$

On April $1,2024,$ Oakland Corporation reallzes 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 $\backslash (\backslash$$ $510,000\backslash )$ to its supplier using a $12-$month, $\backslash (11\backslash \%\backslash )$ note.

Required:

Record the following transactions for Oakland Corporation:

$1.$ The loan of $\backslash (\backslash$$ $510,000\backslash )$ and acceptance of the note recelvable on Aprll $1,2024.$

$2.$ The adjusting entry for accrued Interest on December $31,2024.$

$3.$ Cash collection of the note and Interest on Aprll $1,2025.$

$($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" In the first account field.$)$

Journal entry worksheet

$1$

Record the adjusting entry for accrued interest on December $31,2024.$

Note: Enter debits before credits. Exercise $5-17($Algo$)$ Record notes receivable and interest revenue $($LO$5-7)$

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 $\backslash (\backslash$$ $510,000\backslash )$ to its supplier using a $12-$month, $\backslash (11\backslash \%\backslash )$ note.

Required:

Record the following transactions for Oakland Corporation:

$1.$ The loan of $\backslash (\backslash$$ $510,000\backslash )$ and acceptance of the note recelvable on Aprll $1,2024.$

$2.$ 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.$)$

Journal entry worksheet

Record the cash collection of the note and interest on April $1,2025.$

Note: Enter debits before credits.