Question
Shamrock Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 8% note in settlement of a $46,000 account receivable. July 1,
Shamrock Company had the following select transactions.
Apr. 1, 2022 Accepted Goodwin Companys 12-month, 8% note in settlement of a $46,000 account receivable.
July 1, 2022 Loaned $23,000 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; Shamrock expects it will eventually collect.
Prepare journal entries to record the transactions. Shamrock prepares adjusting entries once a year on December 31.
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Auditing and Assurance Services
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
6th edition
978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343
