Teal Mountain Company had the following select transactions. Apr. 1,2025 Accepted Goodwin Company's 12-month, 8% note in settlement of a $39,000 account receivable July 1.2025 Loaned $19,000 cash to Thomas Slocombe on a 9-month, 12% note Dec 31, 2025 Accrued interest on all notes receivable Apr. 1,2026 Received principal plus interest on the Goodwin note Apr. 1,2026 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Teal Mountain Company had the following select transactions. Apr. 1,2025 Accepted Goodwin Company's 12-month, 8% note in settlement of a $39,000 account receivable July 1.2025 Loaned $19,000 cash to Thomas Slocombe on a 9-month, 12% note Dec 31, 2025 Accrued interest on all notes receivable Apr. 1,2026 Received principal plus interest on the Goodwin note Apr. 1,2026 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. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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