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On October 1, 2024, Ogneva Corporation loans one of its employees $40,400 and accepts a 12-month, 7% note receivable. Required: Record (a) lending of $40,400

On October 1, 2024, Ogneva Corporation loans one of its employees $40,400 and accepts a 12-month, 7% note receivable. Required: Record (a) lending of $40,400 cash to an employee on October 1, 2024, (b) the adjusting entry for interest on December 31, 2024, and (c) collection of cash for the note and interest on October 1, 2025

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