Consider the following transactions for Jo Jo Music. 2011 Dec 6 Received a $7,000, 90-day, 12% note

Question:

Consider the following transactions for Jo Jo Music.
2011
Dec 6 Received a $7,000, 90-day, 12% note on account from Dark Star Music.
31 Made an adjusting entry to accrue interest on the Dark Star Music note.
31 Made a closing entry for interest revenue.
2012
Mar 4 Collected the value of the Dark Star Music note.
Jun 30 Loaned $11,000 cash to Love Joy Music, receiving a six-month, 11% note.
Oct 2 Received a $2,400, 60-day, 11% note for a sale to Voice Publishing. Ignore cost of goods sold.
Dec 1 Voice Publishing dishonored its note at wrote off the note as uncollectible, debiting Allowance for uncollectible accounts.
30 Collected the value of the Love Joy Music note.
Requirement
1. Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...