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Sage Hill Company had the following select transactions. Apr. 1, 2022 July 1, 2022 Accepted Goodwin Company's 12-month, 6% note in settlement of a $39,000
Sage Hill Company had the following select transactions. Apr. 1, 2022 July 1, 2022 Accepted Goodwin Company's 12-month, 6% note in settlement of a $39,000 account receivable. Loaned $18,000 cash to Thomas Slocombe on a 9-month, 12% 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; 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. (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.) Date Account Titles and Explanation (To record interest accrued on Goodwin note) Debit Credit Save for Later (to record interest accrued on Goodwin note) (To record interest accrued on Thomas note) (To record collection of Goodwin note and interest) (To record the dishonor of Thomas note) Attempts: 0 of 2 used Submit
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