Question

Apr.	1, 2022		Accepted Goodwin Company’s 12-month, 6% note in settlement of a $42,000 account receivable.
July	1, 2022		Loaned $17,000 cash to Thomas Slocombe on a 9-month, 10% note.
Dec.	31, 2022		Accrued interest on all notes receivable.
Apr.	1, 2023		Received principal plus interest on the Goodwin note.
Apr.	1, 2023		Thomas Slocombe dishonored its note; Windsor expects it will eventually collect.

Answer 1

Answer- Journal Entries

Date	Account Title and Explanation	Debit ($)	Credit ($)
April 1,2022	Notes Receivable	42,000
	Accounts Receivable		42,000
	(To record acceptance of note)
July 1,2022	Notes Receivable	17,000
	Cash		17,000
	(To record issuance of note)
December 31,2022	Interest Receivable ($42,000*6%*9/12)	1,890
	Interest Revenue		1,890
	(To record interest accrued at 6%)
December 31, 2022	Interest Receivable($17,000*10%*6/12)	850
	Interest Revenue		850
	(To record interest accrued at 10%)
April 1,2023	Cash	44,520
	Notes Receivable		42,000
	Interest Receivable ($42,000*6%*9/12)		1,890
	Interest Revenue ($42,000*6%*3/12)		630
	(To record principal and interest on Goodwin Note)
April 1,2023	Accounts Receivable	18,275
	Notes Receivable		17,000
	Interest Receivable ($17,000*10%*6/12)		850
	Interest Revenue ($17,000*10%*3/12)		425
	(To record note dishonored)

Kindly give thumbs up if u like my answer...Thanks!!!