Windsor Company had the following select transactions. Apr. 1,2025 Accepted Goodwin Company's 12-month, 6% note in settlement of a $42.000 account receivable Loaned $17,000 cash to Thomas Slocombe on a 9-month, 12% note. July 1,2025 Dec 31, 2025 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: Windsor expects it will eventually collect. Prepare journal entries to record the transactions. Windsor prepares adjusting entries once a year on December 31. (List all debit entries before credit entries. Credit occount 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 O for the amounts) Account Titles and Explanation Notes Receivable Date 4/1/25 7/1/25 V 12/31/25 Accounts Receivable Notes Receivable Cash Interest Receivable Debit 42000 17000 1890 Credit 42000 17000

Windsor Company had the following select transactions. Apr. 1,2025 Accepted Goodwin Company's 12-month, 6% note in settlement of a $42.000 account receivable Loaned $17,000 cash to Thomas Slocombe on a 9-month, 12% note. July 1,2025 Dec 31, 2025 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: Windsor expects it will eventually collect. Prepare journal entries to record the transactions. Windsor prepares adjusting entries once a year on December 31. (List all debit entries before credit entries. Credit occount 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 O for the amounts) Account Titles and Explanation Notes Receivable Date 4/1/25 7/1/25 V 12/31/25 Accounts Receivable Notes Receivable Cash Interest Receivable Debit 42000 17000 1890 Credit 42000 17000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...

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Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1.
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