Consider the following transactions for TLC Company 2018 Dec 6 Received a $8,000, 90 day, 9 note in settlement of an overdue accounts receivable from Forest Music 31 Made an adjusting entry to accrue interest on the Forest Music note 31 Made a closing entry for interest revenue 2019 Mar 6 Collected...

Date Accounts and Explanation Debit Credit 2018 Dec 6 Notes ReceivableFo ...

Consider the following transactions for TLC Company. 2018 Dec. 6 Received a $8,000, 90-day, 9% note in

Question:

Consider the following transactions for TLC Company.
2018
Dec. 6 Received a $8,000, 90-day, 9% note in settlement of an overdue from Forest Music.
31 Made an adjusting entry to accrue interest on the Forest Music note.
31 Made a closing entry for interest revenue.
2019
Mar. 6 Collected the value of the Forest Music note.
Jun. 30 Loaned $14,000 cash to Washington Music, receiving a six-month, 12% note.
Oct. 2 Received a $1,000, 60-day, 12% note for a sale to ZZZ Music. Ignore Cost of Goods Sold.
Dec. 1 ZZZ Music dishonored its note at Wrote off the receivable associated with ZZZ Music. (Use the allowance method.)
30 Collected the value of the Washington Music note.
Journalize all transactions for TLC Company. 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...