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Blossom Company had the following select transactions. 1, 2020 Accepted Goodwin Company's 12-month, 10 % note in settlement of a $47,800 account receivable. 1, 2020
Blossom Company had the following select transactions. 1, 2020 Accepted Goodwin Company's 12-month, 10 % note in settlement of a $47,800 account receivable. 1, 2020 Loaned $49,800 cash to Thomas Slocombe on a 9-month, 8 % note. Apr. July Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Blossom expects it will eventually collect Apr. 1, 2021 Prepare journal entries to record the transactions. Blossom 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.) ACCOunt Titles and Explanation Date Debit Credit (Torecord interst on Goodwin Co note.) (To record interest on Slocombe note.) (To record collection of Goodwin Note.) (To rocor norod)
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