Exercise 8-14 Kingbird Company had the following select transactions. Apr. 1, 2019 Accepted Goodwin Company's...
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Exercise 8-14 Kingbird Company had the following select transactions. Apr. 1, 2019 Accepted Goodwin Company's 12-month, 14% note in settlement of a $30,400 account receivable. July 1, 2019 Loaned $32,400 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2019 Accrued interest on all notes receivable. Apr. 1, 2020 Received principal plus interest on the Goodwin note. Apr. 1, 2020 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) DateAccount Titles and Explanation Debit Credit (To record interst on Goodwin Co note.)
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