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Skysong Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 16% note in settlement of a $53,000 account receivable. July 1,
Skysong Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 16% note in settlement of a $53,000 account receivable. July 1, 2020 Loaned $55,000 cash to Thomas Slocombe on a 9-month, 14% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1, 2021 Thomas Slocombe dishonored its note; Skysong expects it will eventually collect. Prepare journal entries to record the transactions. Skysong prepares adjusting entries once a year on December 31. the order presented in the problem.) Date Account Titles and Explanation Credit Debit > (To record interst on Goodwin Co note.) (To record interest on Slocombe note.) (To record collection of Goodwin Note.)
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