On April $1,2024,$ Washtenaw Corporation realizes that one of its main suppliers is having difficulty 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.

Washtenaw agrees to lend $$520,000$ to its supplier using a $12-$month, $10\%$ note.

Required:

Record the following transactions for Washtenaw Corporation:

The loan of $$520,000$ and acceptance of the note receivable on April $1,2024.$

The adjusting entry for accrued interest on December $31,2024.$

Cash collection of the note and interest on April $1,2025.$

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

Record the loan of $$520,000$ and acceptance of the note receivable on April $1,$

Note: Enter debits before credits.