Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2018 Dec. 6 Dec. 31 Received a $80,000, 90-day, 9% note in settlement of an overdue accounts receivable from Jazz Music. Made an adjusting entry

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
2018 Dec. 6 Dec. 31 Received a $80,000, 90-day, 9% note in settlement of an overdue accounts receivable from Jazz Music. Made an adjusting entry to accrue interest on the Jazz Music note. Made a closing entry for interest revenue. Dec. 31 2019 Mar. 6 Jun. 30 Oct. 2 Collected the maturity value of the Jazz Music note. Loaned $12,000 cash to Johnathon's Publishing, receiving a six-month, 12% note. Received a $3,000, 60-day, 12% note for a sale to Ying Yang Music. Ignore Cost of Goods Sold. Ying Yang Music dishonored its note at maturity. Wrote off the receivable associated with Ying Yang Music. (Use the allowance method.) Collected the maturity value of the Johnathon's Publishing note. Dec. 1 Dec. 1 Dec. 30 Print Done tion. ollowing transactions for Jo Jo Music (Click the icon to view the transactions.) Joumalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day year. Round your final journal entries.) Dec. 6: Received a $80,000, 90-day, 9% note in settlement of an overdue accounts receivable from Jazz Music. Date Accounts Deblt Credit 2018 Dec. 6 Dec. 31: Made an adjusting entry to accrue interest on the Jazz Music note. Date Accounts Debit Credit 2018 Dec 31 Dec. 31: Made a closing entry for interest revenue. Dobit Credit Credit Dato Accounts Choose from any list or enter any number in the input fields and then continue to the next question. dollar. (For notes stated in days, use a 365 day your. Round you Dec. 31: Made a closing entry for interest revenue. Date Accounts Debit Credit 2018 Dec. 31 Mar. 6: Collected the maturity value of the Jazz Music note. (Prepare a single compound journal entry.) Date Accounts Debit Credit 2019 Mar 6 Jun 30: Loaned $12,000 cash to Johnathon's Publishing, receiving a six-month, 12% note. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Jun. 30: Loaned $12,000 cash to Johnathon's Publishing, receiving a six-month, 12% note. Date Accounts Debit Credit 2019 Jun. 30 Oct. 2: Received a $3,000, 60-day, 12% note for a sale to Ying Yang Music, Ignore Cost of Goods Sold. Date Accounts Debit Credit 2019 Oct. 2 Dec. 1: Ying Yang Music dishonored its note at maturity. (Prepare a single compound journal entry) Choose from any list or enter any number in the input fields and then continue to the next question. alize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, uso a 365-day year. Ro journal entries.) Dec. 1: Ying Yang Music dishonored its note at maturity. (Prepare a single compound journal entry) Date Accounts 2019 Debit Credit Dec. 1 Dec. 1: Wrote off the receivable associated with Ying Yang Music. (Use the allowance method.) Date Accounts Debit Credit 2019 Dec. 1 Dec. 30: Collected the maturity value of the Johnathon's Publishing note. (Prepare a single compound joumal entry) ART nah die Choose from any list or enter any number in the input fields and then continue to the next question Dec. 1: Wrote off the receivable associated with Ying Yang Music. (Use the allowance method.) Date Accounts Debit 2019 Credit Dec. 1 Dec. 30: Collected the maturity value of the Johnathon's Publishing note. (Prepare a single compound journal entry) Date Accounts Debit Credit 2019 Dec. 30 Choose from any list or enter any number in the input fields and then continue to the next question. MacBook Air

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting, Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

21st Edition

1285055411, 9781285055411

More Books

Students also viewed these Accounting questions

Question

What are the key elements of control over an investee?

Answered: 1 week ago

Question

Explain the importance of prioritizing training and HRD needs

Answered: 1 week ago