Vaughn Company had the following select transactions Apr. 1. 2020 Accepted Goodwin Company's...
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Vaughn Company had the following select transactions Apr. 1. 2020 Accepted Goodwin Company's 12-month. 12% note in settlement of a $67.800 account receivable. July 1, 2020 Loaned $69,800 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Goodwin note. Apr. 1. 2021 Thomas Stocombe dishonored its note: Vaughn expects it will eventually collect Prepare journal entries to record the transactions. Vaughn prepares adjusting entries once a year on December 31, (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit C (To record interest at 12%) (To record interest at 10%) (To record principal plus interest on the Goodwin note) (To record note dishonoured)
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