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2024 Dec. 6 Received a $4,000, 90-day, 12% note in settlement of an overdue accounts receivable from Jazz Music. Dec. 31 Made an adjusting entry
2024 Dec. 6 Received a $4,000, 90-day, 12% note in settlement of an overdue accounts receivable from Jazz Music. Dec. 31 Made an adjusting entry to accrue interest on the Jazz Music note. Dec. 31 Made a closing entry for interest revenue. 2025 Mar. 6 Collected the maturity value of the Jazz Music note. Jun. 30 Loaned $14,000 cash to RS Publishing, receiving a six-month, 16% note. Oct. 2 Received a $1,000, 60-day, 16% note for a sale to So Long Music. Ignore Cost of Goods Sold. Dec. 1 So Long Music dishonored its note at maturity. Dec. 1 Wrote off the receivable associated with So Long Music. (Use the allowance method.) Dec. 30 Collected the maturity value of the RS Publishing
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