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Whispering Winds Company had the following select transactions. Apr. 1, 2019 July 1, 2019 Dec. 31,2019 Apr. 1, 2020 Apr. 1,2020 Accepted Goodwin Company's 12-month,
Whispering Winds Company had the following select transactions. Apr. 1, 2019 July 1, 2019 Dec. 31,2019 Apr. 1, 2020 Apr. 1,2020 Accepted Goodwin Company's 12-month, 10% note in settlement of a $41,600 account receivable. Loaned $43,600 cash to Thomas Slocombe on a 9-month, 8% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Whispering Winds expects it will eventually collect. Prepare journal entries to record the transactions. Whispering Winds prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 4/1/19 Notes Receivable Accounts Receivable 41,600 7/1/19 Notes Receivable 43,600 Cash 43,600 12/31/19 Interest Receivable 4864 Interest Revenue 4864 (To record interst on Goodwin Co note.) 12/31/19Notes Payable Accounts Receivable To record interest on Slocombe note.) 4/1/20 Cash Notes Receivable Interest Revenue Interest Receivable (To record collection of Goodwin Note.) 4/1/20 Accounts Receivable Notes Receivable 43,600 Interest Revenue Interest Receivable To record note dishonored.)
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