Q1- V Company had the following select transactions.

Apr. 1, 2017 Accepted G Companys 12-month, 12% note in settlement of a $30,000 account receivable.

July 1, 2017 Loaned $25,000 cash to T on a 9-month, 10% note.

Apr. 1, 2018 Received principal plus interest on the G note.

Apr. 1, 2018 T dishonored its note; V expects it will eventually collect.

Instructions Prepare journal entries to record the transactions. V prepares adjusting entries once a year on December 31.