On May 1, 2024, a company lends $120,000 to one of its main suppliers and accepts a 12-month, 8% 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.) View transaction list View journal entry worksheet No 1 Date May 01, 2024 General Journal Notes Receivable Debit Credit

On May 1, 2024, a company lends $120,000 to one of its main suppliers and accepts a 12-month, 8% 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.) View transaction list View journal entry worksheet No 1 Date May 01, 2024 General Journal Notes Receivable Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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