On April 1, 2024, Oakland Corporation realizes that one of its main suppliers is having difficulty...
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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 $460,000 to its supplier using a 12-month, 10% note. Required: Record the following transactions for Oakland Corporation: 1. The loan of $460,000 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.) View transaction list Journal entry worksheet < 1 2 3 > Record the loan of $460,000 and acceptance of the note receivable on April 1, 2024. Journal entry worksheet 1 2 3 Record the loan of $460,000 and acceptance of the note receivable on April 1, 2024. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2024 Record entry View general journal Clear entry 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 $460,000 to its supplier using a 12-month, 10% note. Required: Record the following transactions for Oakland Corporation: 1. The loan of $460,000 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.) View transaction list Journal entry worksheet < 1 2 3 > Record the loan of $460,000 and acceptance of the note receivable on April 1, 2024. Journal entry worksheet 1 2 3 Record the loan of $460,000 and acceptance of the note receivable on April 1, 2024. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2024 Record entry View general journal Clear entry
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Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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