Accounting for Receivables

Problem-20: Accounting for Receivables

Vandiver Company had the following select transactions
Apr. 1, 2019Accepted Goodwin Company's 12-month, 12% note in settlement of a $30,000 account receivable.
July 1, 2019Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.
Dec. 31, 2019Accrued interest on all notes receivable.
Apr. 1, 2020Received principal plus interest on the Goodwin note.
Apr. 1, 2020thomas 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.

Solution

Vandiver Company
Journal Entry

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