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Novak Company had the following select transactions . 1, 2022 July 1. 2022 Dec 31, 2022 Accepted Goodwin Company's 12 month, 16% note in settlement
Novak Company had the following select transactions . 1, 2022 July 1. 2022 Dec 31, 2022 Accepted Goodwin Company's 12 month, 16% note in settlement of a 598,600 account receivable Loaned $100,600 cash to Thomas Slocombe on a 9-month, 14% note Accrued interest on all notes receivable Received principal plus interest on the Goodwin noto. Thomas Slocombe dishonored its note: Novak expects it will eventually collect Apr 1, 2023 Apr 1 2023 Prepare journal entries to record the transactions. Novak prepares adjusting entries once a year on December 31 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Do not round intermediate calculations. Round final answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit (To record Interst on Goodwin Conate) E To record Interest on Slocombe note.) To record collection of Goodwin Note.) JUSTIN tries once a year nuecember 31 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Do not round Intermediate calculations. Round final answers to o decimal places, c.8.5,275.) Date Account Titles and Explanation Debit (To record interst on Goodwin Co note.) (To record interest on Slocombe note.) I (To record collection of Goodwin Note) (To record note dishonored.)
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