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Prepare the entries for note receivable transactions

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Reference no: EM132419908

Vandiver company had the following select transactions

  1. April 1, 2020 accepted goodwin company's 12 month 6% note in settlement of a $30,000 accounts receivable
  2. July 1,2020 loaned $25,000 cash to Thomas Slocome on a 9 month, 10% note
  3. Dec 31, 2020 accrued interest on all notes receivable
  4. April 1,2021 received principal plus interest on the goodwin note
  5. April, 20201 Thomas Slocombe dishonored its note, Vandiver expects it will eventually collect.

Question: Please Prepare the entries for note receivable transactions. Prepare journal entries to record the transaction, Vandiver prepares adjusting entries once a year on December 31st.

Reference no: EM132419908

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