### 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.

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