Exercise 5.17 (Algo) Record notes receivable and interest revenue (LO5-7) On Aprii 1, 2024, Washtenaw Corporation realizes that ono of its main suppliors is having difficulty meeting defivery sechedulos, which is hurting Washtenaw's business. The supplier explains that it has a temporacy lack of funds that is slowing its production cycle. Washtenaw agrees to lend $550,000 to ins supplier using a 12 -month, s0x note. Required: Record the following transactions for Washtenaw Corporation: 1. The loan of $550,000 and acciptance of the note receivable on April 1,2024. 2. The edjusting entry for accrued interest on December 31,2024 . 3. Cash collection of the note and interest on Aptil 1,2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Alequired" in the first account field.) Journal entry worksheet Record the losn of $550,000 and acteptance of the mote receivstic on Aprit 1, 2024. Nistei Emar detas before asdoh. Exercise 5-17 (Algo) Record notes receivable and interest revenue (LO5-7) On April 1, 2024, Washtenaw Corporation realizes that one of its main suppliers is having difficuity 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. Washtonaw agrees to lend $550,000 to its supplier using a 12 -month, 10% note. Required: Record the following transactions for Washtenaw Corporation: 1. The loan of $550,000 and accptance 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 trensaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 3 Record the adjusting entry for accrued interest on December 31,2024. Boce: Enter cebita before terdits. Exercise 5-17 (Algo) Record notes receivable and interest revenue (LO5-7) On April 1, 2024, Washtenaw Corporation realizes that one of its main suppliers is having difficulty meeting deliwery schedules, which is hurting Washtenaw's business. The supplier explains unat 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: 1. The loan of $550,000 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/ovent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debins sefore consts
