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Exercise 8-14 Cheyenne Company had the following select transactions Apr. 1, 2020 July 1, 2020 Dec. 31, 2020 Apr 1, 2021 Apr. 1, 2021 Accepted
Exercise 8-14 Cheyenne Company had the following select transactions Apr. 1, 2020 July 1, 2020 Dec. 31, 2020 Apr 1, 2021 Apr. 1, 2021 Accepted Goodwin Company's 12-month, 10% note in settlement of a $33,200 account receivable. Loaned $35,200 cash to Thomas Slocombe on a 9-month, 8% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. 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. (Credit account titles are automatically indented when am entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interst on Goodwin Co note.) (To record interest on Slocombe note.) (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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