Vandiver Company had the following select transactions. Apr. 1, 2014 Accepted Goodwin Company's 12-month, 14% note in settlement of a $60, 600 account receivable. July 1, 2014 Loaned $62, 600 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2014 Accrued interest on all notes receivable. Apr. 1, 2015 Received principal plus Interest on the Goodwin note. Apr. 1, 2015 Thomas Slocombe dishonored its note; Vandiver expects it will eventually collect. Prepare journal entries to record the transactions. Vandiver prepares adjusting entries once a year on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.