Question

en system Announcements Exercise 8-14 Cheyenne Company had the following select transactions A 1.2019 Accepted Goodwin Company's 12 month, 10% note in settlement of a $33.200 account receivable y 1, 2019 and 535,200 cash to Thomas Stocombe on a 9-month, note. Dec 31, 2019 Accred interest on all notes receivable Apr. 1.2020 Received principal plus interest on the Goodwin note. Apr 1, 2020 Thomas Stocombe dishonored its note; Cheyenne expects it will eventually collect. are a Prepare jumalates to record the transactions. Cheyenne prepares adjusting entries once a year on December 31. (Credit account presented in the problem. Round intermediate calculations to 2 decimal 15.25 and final answers to decal s s D onderst on Goodwin Conte) O type here to search O e

Answer 1

DATE_ PAGE Date Accounts Title & Explanation Debit (6) Credit (8) Aprl, 19 10% Note - To (To record company's L Settlement Receivable Al Acount Receivable Alc occeptance of Goodwin uz 12 month note in of ccount receivable . $33200 $33200 t arted July 1, 19 8% $35200 a $35200 (To to a Note Receivable Ale To Cash All sword loan advance Thomas Stocombe on g-month note) Dec 31, 19 $2490 $2490 Interest Receivable Allrong xa To Interest Revenue Ale con ($33200 x 9 x 10 ) 12 100 (To record interest on Goodwin company note).

DATE PAGE Credit Date Dee 31,15 Debit $1408 Amount Titte & Explanation Interest Receivable Ale To interest Revenue Alo ( 35200 x G x 800) $1408 100 To reord interest on Slocombe note) - Apr 120 Cash . sred (To Ale $36520 To Interest Receivable Ale are cood To Interest Revenue Ale To 10% nok rucivable all cocoat reord collection of goodwin mole) $ 2490 $830 $33200 Apr 1,20 Loan Reecivable Ale $37312 TO Interest Receivable All TO Interest Revenue Al. To 8% nole receivable Alc o r record dishonour of slocombe note) $1408 $ 704 $35200 - (To