Question: Apr. 1 , 2 0 2 5 Accepted Goodwin Company's 1 2 - month, 6 % note in settlement of a $ 3 0 ,
Apr. Accepted Goodwin Company's month, note in settlement of a $ account receivable.
July Loaned $ cash to Thomas $ locombe on a month, note.
Dec. Accrued interest on all notes receivable.
Apr. Received principal plus interest on the Goodwin note.
Apr. Thomas Slocombe dishonored its note; Kingbird expects it will eventually collect.
Prepare journal entries to record the transactions. Kingbird prepares adjusting entries once a year on December List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem. If no entry is required, select No Entry" for the account titles and enter for the amounts.
To record interest accrued on Goodwin note
Debit
Credit
Notes Receivable
Interest Revenue
To record interest accrued on Thomas note
Interest Receivable
Interest Revenue
Notes Receivable
To record collection of Goodwin note and interest
Interest Revenue
Notes Recelvable
To record the dishonor of Thomas note
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