Remington Company Had the Following Select Transactions

question 28

Essay

Remington Company had the following select transactions.
Apr. 1, 2010 Accepted Carter Company's 1-year, 12% note in settlement of a $30,000 account receivable.
July 1, 2010 Loaned $20,000 cash to David Pratt on a 9-month, 10% note.
Dec. 31, 2010 Accrued interest on all notes receivable.
Apr. 1, 2011 Received principal plus interest on the Carter note.
Apr. 1, 2011 David Pratt dishonored its note: Remington expects it will eventually collect.
Instructions
Prepare journal entries to record the transactions. Remington prepares adjusting entries once a year on December 31.

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