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Marin Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 6% note in settlement of a $37,000 account receivable. July 1,
Marin Company had the following select transactions.
Apr. | 1, 2022 | Accepted Goodwin Companys 12-month, 6% note in settlement of a $37,000 account receivable. | |
July | 1, 2022 | Loaned $22,000 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; Marin expects it will eventually collect. |
Prepare journal entries to record the transactions. Marin 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.)
Date Account Titles and Explanation Debit Credit (To record interest accrued on Goodwin note) (To record interest accrued on Thomas note) (To record interest accrued on Thomas note) (To record collection of Goodwin note and interest) (To record the dishonor of Thomas note)
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