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Question(s) / Instruction(s):

Singletary Company had the following select transactions.

2008                                       

Apr.       1,            2008       Accepted Wilson Company's 1-year, 12% note in settlement of a $20,000 account receivable.

July        1,            2008       Loaned $25,000 cash to Richard Dent on a 9-month, 10% note.

Dec.       31,          2008       Accrued interest on all notes receivable.

Apr.       1,            2009       Received principal plus interest on the Wilson note.

Apr.       1,            2009       Richard Dent dishonored its note; Singletary expects it will eventually collect.

Instructions

Prepare journal entries to record the transactions. Singletary prepares adjusting entries once a year on December 31.

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