Morton Company had the following select transactions.
Apr. 1, 2018 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable.
July 1, 2018 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note.
Dec. 31, 2018 Accrued interest on all notes receivable.
Apr. 1, 2019 Received principal plus interest on the Remington note.
Apr. 1, 2019 Jenny Green dishonored its note: Morton expects it will eventually collect.
Instructions
Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31.

Question

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The Answer of Morton Company had the following select transactions.
Apr. 1, 2018 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable.
July 1, 2018 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note.
Dec. 31, 2018 Accrued interest on all notes receivable.
Apr. 1, 2019 Received principal plus interest on the Remington note.
Apr. 1, 2019 Jenny Green dishonored its note: Morton expects it will eventually collect.
Instructions
Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31.

Morton Company Had the Following Select Transactions