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Tamarisk Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Companys 12-month, 8% note in settlement of a $30,000 account receivable. July 1,
Tamarisk Company had the following select transactions.
Apr. | 1, 2022 | Accepted Goodwin Companys 12-month, 8% note in settlement of a $30,000 account receivable. | |
July | 1, 2022 | Loaned $22,000 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; Tamarisk expects it will eventually collect. |
Prepare journal entries to record the transactions. Tamarisk 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 | Debit | Credit |
4/1/227/1/2212/31/224/1/23 | |||
4/1/227/1/2212/31/224/1/23 | |||
4/1/227/1/2212/31/224/1/23 | |||
(To record interest accrued on Goodwin note) | |||
4/1/227/1/2212/31/224/1/23 | |||
(To record interest accrued on Thomas note) | |||
4/1/227/1/2212/31/224/1/23 | |||
(To record collection of Goodwin note and interest) | |||
4/1/227/1/2212/31/224/1/23 | |||
(To record the dishonor of Thomas note) |
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