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Novak Company had the following select transactions. Apr. 1 2022 July 1, 2022 Accepted Goodwin Company's 12-month, 16% note in settlement of a $98,600
Novak Company had the following select transactions. Apr. 1 2022 July 1, 2022 Accepted Goodwin Company's 12-month, 16% note in settlement of a $98,600 account receivable Loaned $100,600 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: Novak expects itll eventually collect Cash 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.s. 5.275.) Date Account Titles and Explanation 4/1/22 Notes Receivable Accounts Receivable 7/1/22 Notes Receivable Cash 12/31/22 1 Interest Receivable interest Revenue 12/31/22 (To record interst on Goodwin Conate) Interest Receivable 4/1/22 4/5/2 Interest Revenue (To record interest on Slocombe ncee) Cash Notes Receivable Interest Revenue Interest Revenue a recond collection of Goodwin Note) Accounts Receivable Nes Raceable Interest Revenue West Rev Debit C 98600 100600 11832 7042
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