HansabenDon't upload image please Metlock Company had the following select transactions.Apr. 1, 2025July 1,2025Dec. 31, 2025Apr. 1,2026Apr. 1, 2026Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts.)DateAccepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable.Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note.Accrued interest on all notes receivable.Received principal plus interest on the Goodwin note.Thomas Slocombe dishonored its note; Metlock expects it will eventually collect.4/1/25 :Account Titles and ExplanationDebitCredit

Account receivable is the amount due from the debtors and notes receivable is the amount to be…

Metlock Company had the following select transactions. Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note. Accrued interest on all notes receivable. Apr. 1,2026 Received principal plus interest on the Goodwin note. Apr. 1, 2026 Thomas Slocombe dishonored its note; Metlock expects it will eventually collect. Apr. 1, 2025 July 1,2025 Dec. 31, 2025 Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debit

Metlock Company had the following select transactions. Accepted Goodwin Company's 12-month, 6% note in settlement of a $45,000 account receivable. Loaned $22,000 cash to Thomas Slocombe on a 9-month, 12% note. Accrued interest on all notes receivable. Apr. 1,2026 Received principal plus interest on the Goodwin note. Apr. 1, 2026 Thomas Slocombe dishonored its note; Metlock expects it will eventually collect. Apr. 1, 2025 July 1,2025 Dec. 31, 2025 Prepare journal entries to record the tranfactions. Metlock prepares adjusting entries once a year on December 31. (List all debit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...

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