Question

Exercise 9-14 Your answer is partially correct. Try again. Nash Company had the following select transactions Apr 1, 2020 July 1, 2020 Dec 31, 2020 Apr. 1.2021 Apr. 1.2021 Accepted Goodwin Company's 12-month, 10% note in settlement of a $20,200 account receivable. Loaned $22,200 cash to Thomas Slocombe on a 9-month, 8% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note: Nash expects it will eventually collect. Prepare journal entries to record the transactions, Nash prepares adjusting entries once a year on December 31. (Credit in the problem.) Date Debit Credit Account Titles and Explanation N otes Receivable 4/1/20 IT Accounts Receivable 7/1/20 N otes Receivable 711 12/31/20 - interest Receivable Interest Revenue to record interest at 10%) To record interest a ) ii

Answer 1

DsleAccount TellfaplanatanDet A/s/20 Noles Reseivalle A ceaunts Receivable Crdil AO.200 20.200 7/3/ 20 Note Reseivalle Cash R2,200 R2, ROO a/31/20 Tnderest Receivable Totenes Revenve (To meeond enterar at 40) Trdenest Receivable Sadererl Revenve CTo recond nenes ad 84) 12/3/ 20 388 888 A/ /21 Caxh 22,220 Noles Recevable Teras Revenve faderast Recaivalle. To mecand pinupal plos irdenan| on the Goodwen Nodo ) Wa Ja Accounts Receivable Nodes Reaivable nderas Revenve InderasReceivable (To mecord note dishongue a0,200 1515 R2,200 444 888

Explan dions 1a/31/2020 nteres Receivab le Goodwxin Nole (f 20 a00 x 10. X /12) ISIS Thomas Note : (^3300 X 8 /. X 6/1a) 8 88 InleasRevenve.Remaining 3 monla) 4/3 /23 erces Goodwer Norte (f 20100 X lod. X2/1a 50S Thomas Note 21200 x.x 312 f444