Record the following transactions in the general journal of Renschler Communication. Explanations are not required. 2007 Dec.
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Record the following transactions in the general journal of Renschler Communication. Explanations are not required.
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2007 Dec. 19 Received a $5,000, 60-day, 12% note on account from Video 2008 Productions. 31 Made an adjusting entry to accrue interest on the Video Productions note. 31 Made a closing entry for interest revenue. Feb. 17 Collected the maturity value of the Video Productions note. Loaned $10,000 cash to Blues Brothers, receiving a 6-month, 11% note. June 1 Oct. 31 Received a $1,500, 60-day, 12% note for a sale to Mark Phipps. Ignore cost of goods sold. Dec. 1 30 Collected the maturity value of the Blues Brothers note. Mark Phipps dishonored his note at maturity; wrote off the note receivable as uncollectible, debiting Allowance for Uncollectible Notes.
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