Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7%...
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Teal Mountain Company had the following select transactions Accepted Goodwin Company's 12-month, 7% note in settlement of a $38,000 account receivable. Apr. 1, 2022 July 1, 2022 Loaned $23,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2022 Accrued interest on all notes receivable Received principal plus interest on the Goodwin note. Apr. 1, 2023 Apr. 1, 2023 Thomas Slocombe dishonored its note; Teal Mountain expects it will eventually collect. Prepare journal entries to record the transactions. Teal Mountain 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 entries in order presented in the problem.) Account Titles and Explanation Debit Credit Date (To record interest accrued on Goodwin note) (To record interest accrued on Thomas note) (To record collection of Goodwin note and interest) (To record interest accrued on Goodwin note) (To record interest accrued on Thomas note) (To record collection of Goodwin note and interest) (To record the dishonor of Thomas note)
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