Swifty Company had the following select transactions.Apr.1,2020 Accepted Goodwin Company’s 12-month, 14% note in settlement of a $63,000 account receivable.July1,2020 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.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date 4/1/207/1/2012/31/204/1/21enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date 4/1/207/1/2012/31/204/1/21enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date 4/1/207/1/2012/31/204/1/21enter an account title to record interst on Goodwin Co noteenter a debit amountenter a credit amount enter an account title to record interst on Goodwin Co noteenter a debit amountenter a credit amount (To record interst on Goodwin Co note.) choose a transaction date 4/1/207/1/2012/31/204/1/21enter an account title to record interest on Slocombe noteenter a debit amountenter a credit amount enter an account title to record interest on Slocombe noteenter a debit amountenter a credit amount (To record interest on Slocombe note.) choose a transaction date 4/1/207/1/2012/31/204/1/21enter an account title to record collection of Goodwin Noteenter a debit amountenter a credit amount enter an account title to record collection of Goodwin Noteenter a debit amountenter a credit amount enter an account title to record collection of Goodwin Noteenter a debit amountenter a credit amount enter an account title to record collection of Goodwin Noteenter a debit amountenter a credit amount (To record collection of Goodwin Note.) choose a transaction date 4/1/207/1/2012/31/204/1/21enter an account title to record note dishonoredenter a debit amountenter a credit amount enter an account title to record note dishonoredenter a debit amountenter a credit amount enter an account title to record note dishonoredenter a debit amountenter a credit amount enter an account title to record note dishonoredenter a debit amountenter a credit amount (To record note dishonored.)

Journal entries refers to the systematic documentation of the financial transactions of a company in…

Answered: Swifty Company had the following select…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

See similar textbooks

Related questions

Question

Swifty Company had the following select transactions.

Apr.	1,	2020	Accepted Goodwin Company’s 12-month, 14% 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
choose a transaction date 4/1/207/1/2012/31/204/1/21	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date 4/1/207/1/2012/31/204/1/21	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date 4/1/207/1/2012/31/204/1/21	enter an account title to record interst on Goodwin Co note	enter a debit amount	enter a credit amount
	enter an account title to record interst on Goodwin Co note	enter a debit amount	enter a credit amount
	(To record interst on Goodwin Co note.)
choose a transaction date 4/1/207/1/2012/31/204/1/21	enter an account title to record interest on Slocombe note	enter a debit amount	enter a credit amount
	enter an account title to record interest on Slocombe note	enter a debit amount	enter a credit amount
	(To record interest on Slocombe note.)
choose a transaction date 4/1/207/1/2012/31/204/1/21	enter an account title to record collection of Goodwin Note	enter a debit amount	enter a credit amount
	enter an account title to record collection of Goodwin Note	enter a debit amount	enter a credit amount
	enter an account title to record collection of Goodwin Note	enter a debit amount	enter a credit amount
	enter an account title to record collection of Goodwin Note	enter a debit amount	enter a credit amount
	(To record collection of Goodwin Note.)
choose a transaction date 4/1/207/1/2012/31/204/1/21	enter an account title to record note dishonored	enter a debit amount	enter a credit amount
	enter an account title to record note dishonored	enter a debit amount	enter a credit amount
	enter an account title to record note dishonored	enter a debit amount	enter a credit amount
	enter an account title to record note dishonored	enter a debit amount	enter a credit amount
	(To record note dishonored.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.