Question
Cheyenne Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 10% note in settlement of a $33,200 account receivable. July 1,
Cheyenne Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 10% note in settlement of a $33,200 account receivable. July 1, 2022 Loaned $35,200 cash to Thomas Slocombe on a 9-month, 8% 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; Cheyenne expects it will eventually collect.
Prepare journal entries to record the transactions. Cheyenne prepares adjusting entries once a year on December 31.
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Choose a transaction date 4/1/227/1/2212/31/224/1/23 | 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 4/1/227/1/2212/31/224/1/23 | 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 4/1/227/1/2212/31/224/1/23 | 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 4/1/227/1/2212/31/224/1/23 | 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 4/1/227/1/2212/31/224/1/23 | 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 4/1/227/1/2212/31/224/1/23 | 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.) |
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