Exercise 5-17(Algo) Record notes receivable and interest revenue (LO5-7) On April 1,2024, Washtenaw...
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Exercise Algo Record notes receivable and interest revenue LO On April Washtenaw Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Washtenaw's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Washtenaw agrees to lend $ to its supplier using a month, note. Required: Record the following transactions for Washtenaw Corporation: The loan of $ and acceptance of the note receivable on April The adjusting entry for accrued interest on December Cash collection of the note and interest on April If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field. 
Exercise Algo Record notes receivable and interest revenue LO
On April Washtenaw Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Washtenaw's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Washtenaw agrees to lend $ to its supplier using a month, note.
Required:
Record the following transactions for Washtenaw Corporation:
The loan of $ and acceptance of the note receivable on April
The adjusting entry for accrued interest on December
Cash collection of the note and interest on April
If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
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