Morton Company Had the Following Select Transactions $\quad$ 1,2016 $\quad$

question 80

Essay

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.