Monty Company had the following select transactions Apr. 1. 2022 July 1, 2022 Accepted Goodwin Company's...
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Monty Company had the following select transactions Apr. 1. 2022 July 1, 2022 Accepted Goodwin Company's 12-month 14% note in settlement of a $93.600 account receivable. Loaned $95,600 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: Monty expects it will eventually collect. Prepare journal entries to record the transactions. Monty prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Do not round intermediate coalculations. Round final answers to 0 decimal places, eg 5.275) Monty Company had the following select transactions Apr. 1. 2022 July 1, 2022 Accepted Goodwin Company's 12-month 14% note in settlement of a $93.600 account receivable. Loaned $95,600 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: Monty expects it will eventually collect. Prepare journal entries to record the transactions. Monty prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Do not round intermediate coalculations. Round final answers to 0 decimal places, eg 5.275)
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To record the transactions for Monty Company well create journal entries for each event Here are the ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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