Metlock Company had the following selected transactions.
Apr. 1, 2022 Accepted Goodwin Company’s 12-month, 12% note in settlement of a $79,800 account receivable.
July 1, 2022 Loaned $81,800 cash to Thomas Slocombe on a 9-month, 10% note.
Dec. 31, 2022 Accrued interest on all notes receivable.
Apr. 1, 2023 Received principal plus interest on the Goodwin note.
Apr. 1, 2023 Thomas Slocombe dishonored its note; Metlock expects it will eventually collect.
Prepare journal entries to record the transactions. Metlock prepares adjusting entries once a year on December 31.
