SWeygandt, Financial Accounting, 10e Practice Assignment Gradebook ORION Downloa
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SWeygandt, Financial Accounting, 10e Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR MESSAGE MY INST ES Exercise 8-14 Vandiver Company had the following select transactions. Apr 1, 2019 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receival July 1, 2019 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2019 Accrued interest on all notes receivable. Apr. 1, 2020 Received principal plus interest on the Goodwin note. Apr. 1, 2020 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. dy Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December when amount is entered. Do not indent manually. Record journal entries in the order presented in the Date Account Titles and Explanation Debit Credit (To record interst on Goodwin Co note.) erivacy Policy 12000-2018 John Wiley & Sons. Inc. All Rights Reserved. A Division of John Wiley & Sons, IncExplanation / Answer
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Date
Account titles and explanation Debit Credit 4/1/2019 Note Receivable-6% 30000 Accounts Receivable 30000 ( To record the acceptance of note receivable against accounts receivable) 7/1/2019 Note Receivable-10% 25000 cash 25000 ( To record the note receivable) 12/31/2019 Interest Receivable (30000*6%*9/12) 1350 Interest Revenue 1350 (To record the accrued interest at 6%%) 12/31/2019 Interest Receivable (25000*10%*6/12) 1250 Interest Revenue 1250 (To record interest at 10%) 4/1/2020 Cash 31800 Note Receivable-6% 30000 Interest Receivable 1350 Interest Revenue (30000*6%*3/12) 450 To record the collection of principal and interest on note receivable) 1-Apr-20 Accounts Receivable 26875 Note Receivable-10% 25000 Interest Receivable 1250 Interest Revenue (25000*10%*3/12) 625 (To record the dishonour)Related Questions
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