Journal entry
Date | account and explanation | debit | Credit |
4/1/2022 | Notes receivable-Goodwin | 49000 | |
Account receivable | 49000 | ||
7/1/2022 | Notes receivable-Thomas | 22000 | |
Cash | 22000 | ||
12/31/2022 | Interest receivable (49000*8%*9/12) | 2940 | |
Interest revenue | 2940 | ||
(To record interest accrued on goodwin note) | |||
12/31/2022 | Interest receivable (22000*11%*6/12) | 1210 | |
Interest revenue | 1210 | ||
(To record interest accrued on thomas note) | |||
4/1/23 | Cash | 52920 | |
Notes receivable-Goodwin | 49000 | ||
Interest receivable | 2940 | ||
Interest revenue | 980 | ||
(To record collection) | |||
4/1/23 | Account receivable | 23815 | |
Notes receivable-Thomas | 22000 | ||
Interest receivable | 1210 | ||
Interest revenue | 605 | ||
(To record the dishonor of thomas note) | |||
Kingbird Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 8% note in...
Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement of a $38,000 account receivable. Apr. 1, 2022 July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2022 Accrued interest on all notes receivable Received principal plus interest on the Goodwin note. Apr. 1, 2023 Apr. 1, 2023 Thomas Slocombe dishonored its note; Teal Mountain expects it will eventually collect. Prepare journal entries to record the transactions....
Exercise 8-13 Larkspur Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 6% note in settlement of a $43,000 account receivable. July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% 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; Larkspur expects it will eventually collect. Prepare journal entries to record the transactions....
Exercise 8-14 Vandiver Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions....
Sunland Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company’s 12-month, 16% note in settlement of a $55,800 account receivable. July 1, 2020 Loaned $57,800 cash to Thomas Slocombe on a 9-month, 14% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Sunland expects it will eventually collect. Prepare journal entries to record the transactions. Sunland prepares...
Exercise 9-14 Pharoah Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 10% note in settlement of a $30,400 account receivable. July 1, 2020 Loaned $32,400 cash to Thomas Slocombe on a 9-month, 8% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Pharoah expects it will eventually collect. Prepare journal entries to record the transactions....
Shamrock Company had the following select transactions.Apr.1, 2022Accepted Goodwin Company’s 12-month, 7% note in settlement of a $38,000 account receivable.July1, 2022Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note.Dec.31, 2022Accrued interest on all notes receivable.Apr.1, 2023Received principal plus interest on the Goodwin note.Apr.1, 2023Thomas Slocombe dishonored its note; Shamrock expects it will eventually collect.Prepare journal entries to record the transactions. Shamrock prepares adjusting entries once a year on December 31
Exercise 9-14 Wildhorse Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 12% note in settlement of a $42,600 account receivable. July 1, 2020 Loaned $44,600 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr 1, 2021 Received principal plus interest on the Goodwin note. Apr 1, 2021 Thomas Slocombe dishonored its note; Wildhorse expects it will eventually collect. Prepare journal entries to record the transactions....
Vandiver Company had the following select transactions. Apr. 1, 2017 Accepted Goodwin Company's 12-month, 12% note in settlement of a $93,000 account receivable. July 1, 2017 Loaned $95,000 cash to Thomas Slocombe on a 9-month, 10% note Dec. 31, 2017 Accrued interest on all notes receivable. Apr. 1, 2018 Received principal plus interest on the Goodwin note Apr. 1, 2018 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect
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.
Exercise 8-14Vandiver Company had the following select transactions.Apr. 1, 2020 Accepted Goodwin Company's 12 -month, 6 % note in settlement of a $ 30,000 account receivable. July 1,2020 Loaned $ 25,000 cash to Thomas Slocombe on a 9-month, 10 % note.Dec: 31,2020 Accrued interest on all notes receivable.Apr, 1,2021 Received principal plus interest on the Goodwin note.Apt 1,2021 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect.Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a...