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Please help! Sage Hill Company had the following select transactions. Apr. 1,2025 Accepted Goodwin Company's 12-month, 6% note in settlement of a $39,000 account receivable.
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Sage Hill Company had the following select transactions. Apr. 1,2025 Accepted Goodwin Company's 12-month, 6% note in settlement of a $39,000 account receivable. July 1,2025 Loaned $18,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31,2025 Accrued interest on all notes receivable. Apr. 1,2026 Received principal plus interest on the Goodwin note. Apr. 1,2026 Thomas Slocombe dishonored its note; Sage Hill expects it will eventually collect. Prepare journal entries to record the transactions. Sage Hill prepares adjusting entries once a year on December 31. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amou (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) Accounts Receivable Notes Receivable Interest Revenue Interest Receivable (To record the dishonor of Thomas note) Step by Step Solution
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