Splish Brothers Company had the following select transactions.Apr. 1,2022July 1, 2022Dec. 31.2022Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable.Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note.Accrued interest on all notes receivable.Apr. 1.2023Received principal plus interest on the Goodwin note.Apr. 1.2023 Thomas Slocombe dishonored its note; Splish Brothers expects it will eventually collect.Prepare journal entries to record the transactions. Splish Brothers prepares adjusting entries once a year on December 31. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented inthe problem.)Date>Account Titles and Explanation(To record interest accrued on Goodwin note)DebitCredit (To record interest accrued on Thomas note).(To record collection of Goodwin note and interest)(To record the dishonor of Thomas note)0000 000

Lets understand the basics.Journal entry is required to record event and transaction that are occur…

Apr. 1,2022 July 1, 2022 Dec. 31, 2022 Apr. 1,2023 Apr. 1.2023 Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Splish Brothers expects it will eventually collect.

Apr. 1,2022 July 1, 2022 Dec. 31, 2022 Apr. 1,2023 Apr. 1.2023 Accepted Goodwin Company's 12-month, 6% note in settlement of a $41,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 11% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Splish Brothers expects it will eventually collect.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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