Bieber Ltd. had the following select transactions.
May 1, 2017 Accepted Crane plc's 12-month, 12% note in settlement of a £16,000 account receivable.
July 1, 2017 Loaned £25,000 cash to Sam Howard on a 9-month, 10% note.
Dec. 31, 2017 Accrued interest on all notes receivable.
Apr. 1, 2018 Sam Howard dishonored its note; Bieber expects it will eventually collect.
May 1, 2018 Received principal plus interest on the Crane note.
Instructions
Prepare journal entries to record the transactions. Bieber prepares adjusting entries once a year on December 31.