Discuss the adjustment for interest revenue on december


On April 1, 2015, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note.

Required:

1.The loan of $600,000 and acceptance of the note receivable on April 1, 2015.

2.Record the interest collected on April 15, for 2016 and 2017 and the adjustment for interest revenue on December 31, 2015, 2016, and 2017.

3.Record the cash collection on April 15, 2018

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Accounting Basics: Discuss the adjustment for interest revenue on december
Reference No:- TGS0695880

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