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Exercise 9-14 Sheffield Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 14% note in settlement of a $29,000 account receivable.

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Exercise 9-14 Sheffield Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 14% note in settlement of a $29,000 account receivable. July 1, 2020 Loaned $31,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Sheffield expects it will eventually collect. Prepare journal entries to record the transactions. Sheffield prepares adjusting entries once a year on December 31. (Credit account titles amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 4/1/20 = 7/1/209 12/31/20 = (To record interest at 14%) 4/1/21 (To record interest at 12%) 4/1/21 : nun 12/31/20 CALCULATOR PRINTER (To record interest at 14%) (To record interest at 12%) 4/1/21 (To record principal plus interest on the Goodwin note) (To record note dishonoured) Question Attempts: 0 of 3 used SAVE FOR LATER 12U ...NPA TYY

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