Required: Prepare Acme Supply Company’s general journal entriesfor the following transactions: Jan. 1 Accepted RunTimeCo’s120-day, 10% note as settlement of an outstanding $15,000 accountreceivable for goods sold last year. Jan. 15 Purchased $10,000Equipment from XYZ, signing a 9-month, 12% note. Jan. 15 LoanedWarner Co. $30,000 cash, accepting a 90-day, 10% note. Jan. 31Prepared accrual adjusting entry for any interest revenue. Apr. 15Received payment in full from Warner Co. for outstanding note andinterest. May 1 Received payment in full from RunTimeCo foroutstanding note and interest. Oct. 15 Paid XYZ in full.

 



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