Asked by Jailah Armstrong on Jul 09, 2024

Verified

Morton Company had the following select transactions. Apr. \quad 1,2016 \quad Accepted Remington Company's 1-year, 12 % note in \quad \quad \quad \quad \quad \quad \quad \quad settlement of a $ 25,000 account receivable.
July \quad 1,2016 \quad Loaned $15,000 cash to Jenny Green on a 9-month, 10 % \quad \quad \quad \quad \quad \quad \quad note.
Dec. \quad 31,2016 \quad Accrued interest on all notes receivable.
Apr. \quad 1,2017 \quad Received principal plus interest on the Remington note.
Apr. \quad 1,2017 \quad Jenny Green dishonored its note: Morton expects it \quad \quad \quad \quad \quad \quad \quad \quad \quad will eventually collect. Instructions
Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31.