Question: Exercise 8-13 Partially correct answer. Your answer is partially correct. Try again. Splish Brothers Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin

Exercise 8-13 Partially correct answer. Your answer is partially correct. Try again. Splish Brothers Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2022 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% 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; Splish Brothers expects it will eventually collect. Prepare journal entries to record the transactions. Splish Brothers prepares adjusting entries once a year on December 31. (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.) Date Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with correct answer Notes Receivable Entry field with correct answer 30000 Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer Entry field with correct answer 30000 Entry field with correct answer Entry field with correct answer Notes Receivable Entry field with correct answer 25000 Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer Entry field with correct answer 25000 Entry field with correct answer Entry field with correct answer Interest Receivable Entry field with correct answer 1350 Entry field with correct answer Entry field with correct answer Interest Revenue Entry field with correct answer Entry field with correct answer 1350 (To record interest accrued on Goodwin note) Entry field with correct answer Entry field with correct answer Interest Receivable Entry field with correct answer 1250 Entry field with correct answer Entry field with correct answer Interest Revenue Entry field with correct answer Entry field with correct answer 1250 (To record interest accrued on Thomas note) Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer 31800 Entry field with correct answer Entry field with correct answer Notes Receivable Entry field with correct answer Entry field with correct answer 30000 Entry field with correct answer Interest Receivable Entry field with correct answer Entry field with correct answer 1350 Entry field with correct answer Interest Revenue Entry field with correct answer Entry field with correct answer 450 (To record collection of Goodwin note and interest) Entry field with correct answer Entry field with correct answer

Accounts Receivable Entry field with incorrect answer 27812.5 Entry field with correct answer Entry field with correct answer Notes Receivable Entry field with correct answer Entry field with correct answer 25000 Entry field with correct answer Interest Receivable Entry field with correct answer Entry field with incorrect answer 1875 Entry field with correct answer Interest Revenue Entry field with correct answer Entry field with incorrect answer now contains modified data 937.5 (To record the dishonor of Thomas note)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f