Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's 12-month, 149% note in settlement of a $63,000 account receivable. July 1. 2020 Loaned $65,000 cash to Thomas Slocombe on a 9-month, 12% 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; Swifty expects it will eventually collect. Prepare journal entries to record the transactions. Swifty 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 (To record interest at 14%) (To record interest at 12%) (To record principal plus interest on the Goodwin note) > >

Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's 12-month, 149% note in settlement of a $63,000 account receivable. July 1. 2020 Loaned $65,000 cash to Thomas Slocombe on a 9-month, 12% 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; Swifty expects it will eventually collect. Prepare journal entries to record the transactions. Swifty 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 (To record interest at 14%) (To record interest at 12%) (To record principal plus interest on the Goodwin note) > >

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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