On April 1, 2021, 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 $540,000 to its supplier using a 12-month, 11% note: Required: 1. The loan of $540,000 and acceptance of the note receivable on April 1, 2021 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022 Record the above transactions for Shoemaker Corporation (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 Record the loan of $540,000 and acceptance of the note receivable on April 1, 2021 Note: Enter debits before credits General Journal Debit Credit Date April 01, 2021 Record entry Clear entry View general Journal On April 1, 2021, 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 $540,000 to its supplier using a 12-month, 11% note. Required: 1. The loan of $540,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022. Record the above transactions for Shoemaker Corporation. (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 adjusting entry for accrued interest. Note Enter debits before credits General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general Journal On April 1, 2021, 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 $540,000 to its supplier using a 12-month, 11% note. Required: 1. The loan of $540,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022. Record the above transactions for Shoemaker Corporation. (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 2 3 Record the cash collection Note: Enter debits before credits Date General Journal Debit Credit April 01, 2022 Record entry Clear entry View general Journal
