Exercise 9-14 Z Your answer is partially correct. Try again. Vandiver Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% 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; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver 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.) Date Account Titles and Explanation Debit Credit 4/1/20 :INotes Receivable 30,000 Accounts Receivable 30,000 7/1/20 Notes Receivable 25,000 25,000 Cash 12/31/20 Interest Receivable Version 4.24.21.1 Division of John Wiley & Sons, Inc.
Exercise 9-14 Z Your answer is partially correct. Try again. Vandiver Company had the following select transactions. Apr. 1, 2020 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2020 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% 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; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver 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.) Date Account Titles and Explanation Debit Credit 4/1/20 :INotes Receivable 30,000 Accounts Receivable 30,000 7/1/20 Notes Receivable 25,000 25,000 Cash 12/31/20 Interest Receivable Version 4.24.21.1 Division of John Wiley & Sons, Inc.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Assignment
Gradebook
ORION
Downloadable eTextbook
nt
CALCULATOR
FULL SCREEN
PRINTER VERSION
4 BACK
NEXT
Exercise 9-14
Z Your answer is partially correct. Try again.
Vandiver Company had the following select transactions.
Apr. 1, 2020
Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable.
July 1, 2020
Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% 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; Vandiver expects it will eventually collect.
Prepare journal entries to record the transactions. Vandiver 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.)
Date
Account Titles and Explanation
Debit
Credit
4/1/20
:Notes Receivable
30,000
Accounts Receivable
30,000
7/1/20
Notes Receivable
25,000
25,000
Cash
12/31/20 Interest Receivable
Version 4.24.21.1
acy Policy © 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.
G
MAR
30
MacBook Air
DII
DD
F12
F11
888
000
F10
F9

Transcribed Image Text:01/20
Assignment
Gradebook
ORION
Downloadable eTextbook
ent
CALCULATOR
FULL SCREEN
PRINTER VERSION
1 BACK
NEXT
Date
Account Titles and Explanation
Debit
Credit
4/1/20
Notes Receivable
30,000
Accounts Receivable
30,000
7/1/20
Notes Receivable
25,000
Cash
25,000
12/31/20 Interest Receivable
Interest Revenue
(To record interest at 6%)
12/31/20 Interest Receivable
Interest Revenue
(To record interest at 10%)
31,800
4/1/21
수
Cash
30,000
Notes Receivable
450
Interest Revenue
1,350
Interest Receivable
Version 4.24.21.1
vacy Policy I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.
G
MAR
30
MacBook Air
DI
DD
F12
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education