Larkspur Company had the following select transactions. Apr. 1.2022 July 1, 2022 Dec. 31, 2022...
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Larkspur Company had the following select transactions. Apr. 1.2022 July 1, 2022 Dec. 31, 2022 Apr. 1.2023 Apr. 1, 2023 Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable. Loaned $16,000 cash to Thomas Slocombe on a 9-month, 11% note. Accrued interest on all notes receivable. Received principal plus interest on the Goodwin note. Thomas Slocombe dishonored its note; Larkspur expects it will eventually collect. Prepare journal entries to record the transactions. Larkspur prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entrie the order presented in the problem.) Date Account Titles and Explanation Debit Credit 4/1/22 Notes Receivable 45,000 Accounts Receivable 45.000 7/1/22 Notes Receivable 1 16.000 Cash 16,000 12/31/22 Interest Receivable 4050 Interest Revenue 4050 (To record interest accrued on Goodwin note) Interest Receivable 12/31/22 Interest Revenue (To record interest accrued on Thomas note) 4/1/23 Cash Interest Receivable Interest Revenue Notes Receivable (To record collection of Goodwin note and interest) 12/31/22 Interest Receivable Interest Revenue (To record interest accrued on Thomas note) 4/1/23 Cash Interest Receivable Interest Revenue Notes Receivable (To record collection of Goodwin note and interest) 4/1/23 Accounts Receivable Interest Receivable Interest Revenue Notes Receivable 16000 (To record the dishonor of Thomas note)
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