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Prepare journal entries to record the transactions

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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.

Reference no: EM132951799

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