On October 1, 20X2, Wolfpack Corp. realizes that one of its main suppliers is having...
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On October 1, 20X2, Wolfpack Corp. realizes that one of its main suppliers is having difficulty meeting delivery schedules due to a temporary lack of funds. The supplier's lack of funds is hurting Wolfpack's own business; therefore, Wolfpack agrees to lend $25,000 in cash to its supplier using a one-year, 12% note. Required: In the journal below, prepare Wolfpack's journal entry to recognize the accrued interest on this note at December 31, 20X2. Reminder: Round interest calculations to the nearest whole month. Date 12/31/X2 Account Name 4 < Debit Credit <>
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