Question
8.14 Vandiver Company had the following selected transactions. Apr.1,2022 Accepted Goodwin Companys 12-month, 6% note in settlement of a $30,000 account receivable. July1,2022 Loaned $25,000
8.14 Vandiver Company had the following selected transactions.
| Apr.1,2022 | Accepted Goodwin Companys 12-month, 6% note in settlement of a $30,000 account receivable. |
| July1,2022 | 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; Vandiver expects it will eventually collect. |
Instructions
Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31.
Journalize entries for dishonor of notes receivable.
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Managerial Accounting
Authors: Ray Garrison, Theresa Libby, Alan Webb
9th canadian edition
1259269477, 978-1259269479, 978-1259024900
