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Prepare the required adjusting journal entries

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Question - Tinkerbell Company Limited has a March 31, 2020 year end. During the last year they had the following transactions:

October 1, 2019 - Tinkerbell sold goods to Pan Incorporated receiving a $40,000, three month, 6% note.

January 1, 2020 - collected the Pan Incorporated note.

January 1, 2020 - Tinkerbell loaned cash of $100,000 to Hook Enterprises, receiving a 6 month, 8% promissory note.

March 31, 2020 - made an adjusting entry to accrue the interest on the Hook Enterprises note.

Required - Prepare the required adjusting journal entries. (Descriptions not required).

Reference no: EM132561751

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