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Blue Spruce Company had the following select transactions. Apr. 1.2019 Accepted Goodwin Company's 12-month, 12% note in settlement of a $93.000 account receivable. July 1,
Blue Spruce Company had the following select transactions. Apr. 1.2019 Accepted Goodwin Company's 12-month, 12% note in settlement of a $93.000 account receivable. July 1, 2019 Loaned $95.000 cash to Thomas Slocombe on a 9-month, 10% note. Dec 31, 2019 Accrued interest on all notes receivable. Apr. 1, 2020 Received principal plus interest on the Goodwin note. Apr. 1.2020 Thomas Slocombe dishonored its note: Blue Spruce expects it will eventually collect. Prepare journal entries to record the transactions. Blue Spruce 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. Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit (To record interst on Goodwin Co note.) (To record interest on Slocombe note.) (To record collection of Goodwin Note.) (To record note dishonored.)
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