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 $550,000 to its supplier using a 12-month, 10% note. Required: 1. The loan of $550,000 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 2 3 Record the loan $550 000 and acceptance of the note receivable on April 1. Year 1 Note Ente diteta Date General Journal Debit Credit Apl 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 $550,000 to its supplier using a 12-month, 10% note. Required: 1. The loan of $550,000 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