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Hi everyone, see below. Not sure how to fill in the rest of the task. thank you Exercise 8-13 Larkspur Company had the following select
Hi everyone, see below. Not sure how to fill in the rest of the task. thank you
Exercise 8-13 Larkspur Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company's 12-month, 6% note in settlement of a $49,000 account receivable. July 1, 2022 Loaned $21,000 cash to Thomas Slocombe on a 9-month, 12% 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; Larkspur expects it will eventually collect. Prepare journal entries to record the transactions. Larkspur prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Credit Date 4/1/22 Account Titles and Explanation Notes Receivable Debit 49000 Accounts Receivable 49000 7/1/22 Notes Receivable 23000 Cash 23000 12/31/22 Interest Receivable Interest Revenue (To record interest accrued on Goodwin note) Interest Receivable Interest Revenue (To record interest accrued on Thomas note) Cash Notes Receivable Interest Receivable Interest Revenue (To record collection of Goodwin note and interest) Accounts Receivable Notes Receivable Interest Receivable Interest Revenue (To record the dishonor of Thomas note) Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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