On April 1. Year 1, a company realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting the company's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. The company agrees to lend $580,000 to its supplier using a 12-month, 10% note, Required: 1. The loan of $580,000 and acceptance of the note receivable on April 1, Year 1 2. The adjustment for accrued interest on December 31, Year 1. 3. Cash collection of the note and interest on April 1, Yoar 2 Record the above transactions for the company. (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 loan of $580,000 and acceptance of the note receivable on April 1, Year 1. Note: Enter debits before credits General Journal Debit Credit Date Apr 01 On April 1, Year 1, a company realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting the company's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. The company agrees to lend $580,000 to its supplier using a 12-month, 10% note. Required: 1. The loan of $580,000 and acceptance of the note receivable on April 1, Year 1. 2. The adjustment for accrued interest on December 31, Year 1, 3. Cash collection of the note and interest on April 1, Year 2. Record the above transactions for the company. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) SON View transaction list Journal entry worksheet 2 3 Record the adjusting entry for accrued interest Noter Enter debits before credits Dobil General Journal Date Credit December 31 On April 1, Year 1, a company realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting the company's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. The company agrees to lend $580,000 to its supplier using a 12-month, 10% note Required: 1. The loan of $580,000 and acceptance of the note receivable on April 1, Year 1. 2. The adjustment for accrued interest on December 31, Year 1 3. Cash collection of the note and interest on April 1. Year 2 Record the above transactions for the company. (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 cash collection. Note: Enter debits before credits Date General Journal Debit Credit April 01