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On May 1, 2024, a company lends $130,000 to one of its main suppliers and...

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Accounting

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On May 1, 2024, a company lends $130,000 to one of its main suppliers and accepts a 12 -month. 7% note. Required: Record the acceptance of the note on May 1, 2024, the adjusting entry on December 31, 2024, and the cash collection on May 1. 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Journal entry worksheet Record the acceptance of the note receivable. Note: Fnter debits before credits

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