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Metlock Company had the following select transactions. Apr. 1.2022 July 1, 2022 Dec 31, 2022 Apr. 1.2023 Apr. 1.2023 Accepted Goodwin Company's 12-month, 7% note
Metlock Company had the following select transactions. Apr. 1.2022 July 1, 2022 Dec 31, 2022 Apr. 1.2023 Apr. 1.2023 Accepted Goodwin Company's 12-month, 7% note in settlement of a $30,000 account receivable. Loaned $15,000 cash to Thomas Slocombe on a 9-month, 10% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Metlock expects it will eventually collect. Prepare journal entries to record the transactions, Metlock 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.) Account Titles and Explanation Debit Credit ate 12 Notes Receivable 30000 Accounts Receivable 30000 2 Notes Receivable 22000 22000 1/22 Interest Receivable 1800 1800 Interest Revenud (To record interest accrued on Goodwin note) Interest Receivable 1/22 1100 1100 Interest Revenue (To record interest accrued on Thomas note) 32400 Notes Receivable 30000 Interest Roceivable 1800 Interest Ruvon 600 ate Account Titles and Explanation Debit Credit 12 Notes Receivable 30000 Accounts Receivable 30000 12 Notes Receivable 22000 22000 1/22 Interest Receivable 1800 1800 Interest Revenue (To record interest accrued on Goodwin note) Interest Receivable 1/22 1100 Interest Revenue 1100 (To record interest accrued on Thomas note) 3 32400 Notes Receivable 30000 Interest Receivable 1800 Interest Revenue 600 (To record collection of Goodwin note and interest) Accounts Receivable 13 23650 Notes Receivable 22000 Interest Receivable 1100 Interest Revenue 550 (To record the dishonor of Thomas note)
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