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Question 6 View Policies Current Attempt in Progress Windsor Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company's 12 month, 7% note
Question 6 View Policies Current Attempt in Progress Windsor Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company's 12 month, 7% note in settlement of a $34,000 account receivable, July 1, 2022 Loaned $21.000 cash to Thomas Slocombe on a 9-month, 10% 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: Windsor expects it will eventually collect. Prepare journal entries to record the transactions. Windsor 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 Debit Credit Date 4/1/22 Account Titles and Explanation Notes Receivable 34000 34000 Accounts Receivable 21000 7/1/22 21000 Cash 12/31/22 Interest Receivable Interest Revenue (To record interest accrued on Goodwin note) Interest Receivable 12/31/22 Interest Revenue (To record interest accrued on Thomas note) Cash 4/1/23 : Notes Receivable Interest Receivable Interest Revenue (To record collection of Goodwin note and interest) Accounts Receivable 4/1/23 Notes Receivable Interest Receivable Interest Revenue (To record the dishonor of Thomas note)
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