Apr. 1,2022 July 1, 2022 Dec. 31, 2022 Apr. 1,2023 Apr. 1.2023 Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Splish Brothers expects it will eventually collect.
Apr. 1,2022 July 1, 2022 Dec. 31, 2022 Apr. 1,2023 Apr. 1.2023 Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Splish Brothers expects it will eventually collect.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 15P: Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed...
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Question
![Splish Brothers Company had the following select transactions.
Apr. 1,2022
July 1, 2022
Dec. 31.2022
Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable.
Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note.
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
(To record interest accrued on Goodwin note)
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbeaf8c89-60ab-4d27-8083-62d7715eaada%2F41576a85-b226-4352-9248-93144c84b20b%2Fsb2qjvb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Splish Brothers Company had the following select transactions.
Apr. 1,2022
July 1, 2022
Dec. 31.2022
Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable.
Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note.
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
(To record interest accrued on Goodwin note)
Debit
Credit
![(To record interest accrued on Thomas note).
(To record collection of Goodwin note and interest)
(To record the dishonor of Thomas note)
0000 000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbeaf8c89-60ab-4d27-8083-62d7715eaada%2F41576a85-b226-4352-9248-93144c84b20b%2Fc7wcdlb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(To record interest accrued on Thomas note).
(To record collection of Goodwin note and interest)
(To record the dishonor of Thomas note)
0000 000
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