Exercise 5-17 (Static) Record notes receivable and interest revenue (LO5-7) On April 1, 2024, 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 $600,000 to its supplier using a 12-month, 11% note. Required: Record the following transactions for Shoemaker Corporation: 1. The loan of $600,000 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.) 1 1 View transaction list No 1 2 3 View journal entry worksheet Date April 01, 2024 December 31, 2024 April 01, 2025 Notes Receivable Cash Interest Receivable Interest Revenue Cash Notes Receivable General Journal Jy Debit 600,000 49,500 649,500 Credit 600,000 49,500 600,000

Exercise 5-17 (Static) Record notes receivable and interest revenue (LO5-7) On April 1, 2024, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting dellvery schedules, which is hurting Shoemaker's business. The suppller explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12 -month, 118 note. Required: Record the following transactions for Shoemaker Corporation: 1. The loan or $600,000 and acceptance of the note recelvable 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 porticular transection/event, seleet "No Journal Entry Required" in the first account field.)