Question
Larkspur Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 16% note in settlement of a $60,200 account receivable. July 1,
Larkspur Company had the following select transactions.
Apr. | 1, | 2022 | Accepted Goodwin Companys 12-month, 16% note in settlement of a $60,200 account receivable. | |
July | 1, | 2022 | Loaned $62,200 cash to Thomas Slocombe on a 9-month, 14% 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)
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.) |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started