Exercise 8-14

Novak Company had the following select transactions.

Apr.	1,	2019		Accepted Goodwin Companys 12-month, 16% note in settlement of a $98,600 account receivable.
July	1,	2019		Loaned $100,600 cash to Thomas Slocombe on a 9-month, 14% 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; Novak expects it will eventually collect.

Prepare journal entries to record the transactions. Novak 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 0 decimal places, e.g. 5,275.)