At year-end BCE has $110,000 ?in accounts receivables from officers on the books. The Board ofDirectors...
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Accounting
At yearend BCE has $ ?in accounts receivables from officers on the books. The Board of
Directors approved these loans which are in the form of demand ?notes. One of the staff assistants
asked whether there was any intent to require officers to pay back these loans. Linda Wilson and Jan
Wiggs, who each owe ?of the total amount outstanding, agreed that while not much thought had
been given to it ?they imagined that they might someday repay the loans. On the other hand, they
thought that the Board of Directors might forgive the loans some year in lieu of their annual bonus.
What is the journal entry and the adjusted journal entry?
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