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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