Question

Vandiver Company had the following select transactions.
Apr. 1, 2014 Accepted Goodwin Company’s 12-month, 12% note in settlement of a $30,000 account receivable.
July 1, 2014 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.
Dec. 31, 2014 Accrued interest on all notes receivable.
Apr. 1, 2015 Received principal plus interest on the Goodwin note.
Apr. 1, 2015 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect.

Instructions
Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31.



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  • CreatedJanuary 30, 2014
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