Vandiver Company had the following select transactions. Apr. 1, 2017 Accepted Goodwin Company's 12-month 14% note in

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Vandiver Company had the following select transactions.

Apr. 1, 2017 Accepted Goodwin Company's 12-month 14% note in settlement of a $29,000 account receivable.

July 1, 2017 Loaned $31,000 cash to Thomas Slocombe on a 90-month, 12% note.

Dec. 31, 2017 Accrued interest on all notes receivable.

Apr. 1, 2018 Received principal plus interest on the Goodwin note.

Apr. 1, 2018 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.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Dec 29, 2016 09:02 AM

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Vandiver Company had the following select transactions. Apr. 1, 2017 Accepted Goodwin Company's 12-month 14% note in

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Apr 1 2017 Dr Notes receivable 29000 Cr Accounts receivable 29000 Jul 1 2017 Dr Not...View the full answer

Accounting Principles

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