Shamrock Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 8% note...

Shamrock Company had the following select transactions.

Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 8% note in settlement of a $46,000 account receivable.

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.

Apr. 1, 2023 Received principal plus interest on the Goodwin note.

Apr. 1, 2023 Thomas Slocombe dishonored its note; Shamrock expects it will eventually collect.

Prepare journal entries to record the transactions. Shamrock prepares adjusting entries once a year on December 31.

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ekkarill92 answered 2 years ago

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