Reference no: EM132951799
Question - Remington Company had the following select transactions.
Apr. 1, 2019 Accepted Carter Company's 1-year, 8% note in settlement of a £30,000 account receivable.
July 1, 2019 Loaned £18,000 cash to David Pratt on a 9-month, 10% note.
Dec. 31, 2019 Accrued interest on all notes receivable.
Apr. 1, 2020 Received principal plus interest on the Carter note.
Apr. 1, 2020 David Pratt dishonored its note: Remington expects it will eventually collect.
Required - Prepare journal entries to record the transactions. Remington prepares adjusting entries once a year on December 31.