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Prepare journal entries to record the transactions

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Reference no: EM131788179

Problem - Singletary Company had the following select transactions.

2008

Apr. 1, 2008 Accepted Wilson Company's 1-year, 12% note in settlement of a $20,000 account receivable.

July 1, 2008 Loaned $25,000 cash to Richard Dent on a 9-month, 10% note.

Dec. 31, 2008 Accrued interest on all notes receivable.

Apr. 1, 2009 Received principal plus interest on the Wilson note.

Apr. 1, 2009 Richard Dent dishonored its note; Singletary expects it will eventually collect.

Instructions -

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

Reference no: EM131788179

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