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Prepare adjusting entries - vandiver company

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Reference no: EM13552726

Vandiver Company had the following select transactions.

Apr.1, 2014

Accepted Goodwin Company"s 12-month, 12% note in settlement of a $30,000 account receivable.

July1, 2014

Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.

Dec. 31, 2014

Accrued interest on all notes receivable.

Apr.1, 2015

Received principal plus interest on the Goodwin note.

Apr.1, 2015

Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect.

Instructions

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

Reference no: EM13552726

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