Exercise $5-17($Algo$)$ Record notes receivable and interest revenue $($LO$5-7)$

On April $1,2024,$ Washtenaw Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Washtenaw's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Washtenaw agrees to lend $$550,000$ to its supplier using a $12-$month, $10\%$ note.

Required:

Record the following transactions for Washtenaw Corporation:

The loan of $$550,000$ 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.$)$