Consider the following transactions for Jo Jo Music 2016 Dec 6 Received a $9,000, 90 day, 12 note in settlement of an overdue accounts receivable from Concord Sounds 31 Made an adjusting entry to accrue interest on the Concord Sounds note 31 Made a closing entry for interest revenue 2017 Mar 6 Coll...

Date Accounts and Explanation Debit Credit 2016 Dec 6 Notes ReceivableConc ...

Consider the following transactions for Jo Jo Music. 2016 Dec. 6 Received a $9,000, 90-day, 12% note

Question:

Consider the following transactions for Jo Jo Music.
2016
Dec. 6 Received a $9,000, 90-day, 12% note in settlement of an overdue from Concord Sounds.
31 Made an adjusting entry to accrue interest on the Concord Sounds note.
31 Made a closing entry for interest revenue.
2017
Mar. 6 Collected the value of the Concord Sounds note.
Jun. 30 Loaned $11,000 cash to Main Street Music, receiving a six-month, 12% note.
Oct. 2 Received a $9,000, 60-day, 12% note for a sale to Salem Sounds. Ignore Cost of Goods Sold.
Dec. 1 Salem Sounds dishonored its note at Wrote off the receivable associated with Salem Sounds.
30 Collected the value of the Main Street Music note.
Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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...