Question - What are the Acme Supply Company's general journal entries for the following transactions?
Jan. 1 Accepted RunTimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year.
Jan. 15 Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note.
Jan. 15 Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note.
Jan. 31 Prepared accrual adjusting entry for any interest revenue.
Apr. 15 Received payment in full from Warner Co. for outstanding note and interest.
May 1 Received payment in full from RunTimeCo for outstanding note and interest.
Oct. 15 Paid XYZ in full.