Business, 12.04.2021 23:10 serenityarts123

On April 1, 2015, 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 $530,000 to its supplier using a 12- month, 12% note. Record the following transactions for Shoemaker Corporation.
1. The loan of $530,000 and acceptance of the note receivable on April 1, 2015 (If not entry is required for a transaction/event, select 'No journal entry required' in the first account field.)
2. The adjustment for accrued interest on December 31, 2015. (If not entry is required for a transaction/event, select 'No journal entry required' in the first account field.)
3. Cash collection of the note and interest on April 1, 2016 (If not entry is required for a transaction/event, select 'No journal entry required' in the first account field.)

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On April 1, 2015, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...

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