Solution-Prepare adjusting entries

Prepare adjusting entries - vandiver company

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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Prepare adjusting entries - vandiver company

Reference no: EM13552726

Reference no: EM13552726

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