Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's 12-month, 149% note in settlement of a $63,000 account receivable. July 1. 2020 Loaned $65,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1. 2021 Received principal plus interest on the Goodwin note. Apr. 1. 2021 Thomas Slocombe dishonored its note; Swifty expects it will eventually collect. Prepare journal entries to record the transactions. Swifty prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest at 14%) (To record interest at 12%) (To record principal plus interest on the Goodwin note) > >
Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's 12-month, 149% note in settlement of a $63,000 account receivable. July 1. 2020 Loaned $65,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1. 2021 Received principal plus interest on the Goodwin note. Apr. 1. 2021 Thomas Slocombe dishonored its note; Swifty expects it will eventually collect. Prepare journal entries to record the transactions. Swifty prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest at 14%) (To record interest at 12%) (To record principal plus interest on the Goodwin note) > >
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,