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.

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Definitions:

Stressors

Factors or conditions that induce stress, which can be physical, psychological, or social in nature, challenging an individual's ability to cope.

Stress Toloration

Referring to an individual's capability to endure stress without succumbing to negative outcomes.

Negative Affectivity

A personality trait involving the experience of negative emotions and poor self-concept; individuals with high levels of this trait are more prone to experience a range of negative moods and views.

Work Environment

The physical and psychological conditions under which employees operate, including everything from office layout to social climate.