Metlock Company had the following select transactions. Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note. Accrued interest on all notes receivable. Apr. 1,2026 Received principal plus interest on the Goodwin note. Apr. 1, 2026 Thomas Slocombe dishonored its note; Metlock expects it will eventually collect. Apr. 1, 2025 July 1,2025 Dec. 31, 2025 Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debit
Metlock Company had the following select transactions. Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note. Accrued interest on all notes receivable. Apr. 1,2026 Received principal plus interest on the Goodwin note. Apr. 1, 2026 Thomas Slocombe dishonored its note; Metlock expects it will eventually collect. Apr. 1, 2025 July 1,2025 Dec. 31, 2025 Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Metlock Company had the following select transactions.
Apr. 1, 2025
July 1,2025
Dec. 31, 2025
Apr. 1,2026
Apr. 1, 2026
Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debit
entries before credit entries. 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. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Date
Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable.
Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note.
Accrued interest on all notes receivable.
Received principal plus interest on the Goodwin note.
Thomas Slocombe dishonored its note; Metlock expects it will eventually collect.
4/1/25 :
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff76c024f-31ac-4c9c-98a8-62fd27093fe3%2F657412f9-93d0-4708-91bd-75ad84ea7518%2F3ioshmj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Metlock Company had the following select transactions.
Apr. 1, 2025
July 1,2025
Dec. 31, 2025
Apr. 1,2026
Apr. 1, 2026
Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debit
entries before credit entries. 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. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Date
Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable.
Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note.
Accrued interest on all notes receivable.
Received principal plus interest on the Goodwin note.
Thomas Slocombe dishonored its note; Metlock expects it will eventually collect.
4/1/25 :
Account Titles and Explanation
Debit
Credit
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