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Prepare journal entries to record the transactions

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Question - Sage Hill Company had the following select transactions.

Apr. 1, 2022 Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable.

July 1, 2022 Loaned $17,000 cash to Thomas Slocombe on a 9-month, 12% note.

Dec. 31, 2022 Accrued interest on all notes receivable.

Apr. 1, 2023 Received principal plus interest on the Goodwin note.

Apr. 1, 2023 Thomas Slocombe dishonored its note; Sage Hill expects it will eventually collect.

Required - Prepare journal entries to record the transactions. Sage Hill prepares adjusting entries once a year on December 31.

Reference no: EM132510175

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