Kingbird Company had the following select transactions. Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 6% note...

Kingbird Company had the following select transactions.

Apr.	1, 2022	Accepted Goodwin Company’s 12-month, 6% note in settlement of a $30,000 account receivable.
July	1, 2022	Loaned $15,000 cash to Thomas Slocombe on a 9-month, 10% 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; Kingbird expects it will eventually collect.

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

Solutions

Expert Solution

Date	Account Titles and Explanation	Debit	Credit
Apr. 1, 2022	Notes receivable	$30000
	Accounts receivable		$30000

July 1, 2022	Notes receivable	$15000
	Cash		$15000

Dec.31,2022	Interest receivable (300006%9/12)	1350
	Interest revenue		1350

Dec.31,2022	Interest receivable(1500010%6/12)	750
	Interest revenue		750

Apr. 1, 2023	Cash	$31800
	Notes receivable		$3000
	Interest revenue (300006%3/12)		$450
	Interest receivable		$1350

Apr. 1, 2023	Account receivable	$16125
	Notes receivable		$15000
	Interest revenue (1500010%3/12)		$375
	Interest receivable		$750

ekkarill92 answered 2 years ago

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