Question
Sage HillCompany had the following select transactions. Apr.1, 2022Accepted Goodwin Company's 12-month,6% note in settlement of a $45,000account receivable.July1, 2022Loaned $17,000cash to Thomas Slocombe on
Sage HillCompany had the following select transactions.
Apr.1, 2022Accepted Goodwin Company's 12-month,6% note in settlement of a $45,000account receivable.July1, 2022Loaned $17,000cash to Thomas Slocombe on a 9-month,12% note.Dec.31, 2022Accrued interest on all notes receivable.Apr.1, 2023Received principal plus interest on the Goodwin note.Apr.1, 2023Thomas Slocombe dishonored its note;Sage Hillexpects it will eventually collect.
Prepare journal entries to record the transactions.Sage Hillprepares adjusting entries once a year on December 31.
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
