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Question 3 of 4 -/25 III View Policies Current Attempt in Progress Wildhorse Company had the following select transactions. Apr. 1. 2020 July 1. 2020
Question 3 of 4 -/25 III View Policies Current Attempt in Progress Wildhorse Company had the following select transactions. Apr. 1. 2020 July 1. 2020 Dec 31, 2020 Accepted Goodwin Company's 12 month, 12% note in settlement of a $42,600 account receivable. Loaned $44,600 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: Wildhorse expects it will eventually collect Apr 1. 2021 Apr. 1, 2021 a Prepare journal entries to record the transactions. Wildhorse 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) Debit Account Titles and Explanation Date Credit - /25 !!! wave ACCOUN ricies and explanation LEDIL urer (To record interest at 12%) (To record interest at 10%) Question 3 of 4 - /25 E II To record interest at 10% (To record principal plus interest on the Goodwin notel (To record note dishonoured)
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