Exercise 8-12 Your answer is partially correct. Try again. Vandiver Company had the following select transactions. Apr. 1, 2014 July 1, 2014 Dec. 31, 2014 Apr. 1, 2015 Apr. 1, 2015 Accepted Goodwin Company's 12-month, 12% note in settlement of a $56,000 account receivable. Loaned $58,000 cash to Thomas Slocombe on a 9-month, 10% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2 4/1/2015 25 TNotes Receivable 56000 T Accounts Receivable 56000 7/1/2015 TNotes Receivable 58000 PVPVP I Cash 58000 12/31/2015 TInterest Receivable 5880 T Interest Revenue 58801 Interest Revenue 1 (To record interest at 12%) 1 5880 Tinterest Receivable - 3480 = 3480 T Interest Revenue (To record interest at 10%) Cash 4/1/2016 63840 T Notes Receivable 56000 T Interest Receivable 5880 1960 T Interest Revenue (To record collection and interest) Cash Notes Receivable 58000 T Interest Receivable 3480 Interest Revenue 1740