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Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music, Round all amounts
Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music, Round all amounts to the nearest dollar (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $15,000, 90-day, 10% note in settlement of an overdue accounts receivable from All Star Date Accounts Debit Credit 2018 Dec 6 Cash 15,370 Interest Revenue Dec. 31: Made an adjusting entry to accrue interest on the All Star note Date Accounts Debit Credit 2018 Dec 31 Dec. 31: Made a closing entry for interest revenue. Date Accounts Debit Credit 2018 Dec. 31 Mar. 6: Collected the maturity value of the All Star note. (Prepare a single compound journal entry) Date Accounts Debit Credit 2019 Mar 6 Jun 30: Loaned $12,000 cash to Love Joy Music, receiving a six-month, 18% note. Date Accounts Debit Credit 2019 Jun 30 Oct. 2: Received a $6,000, 60-day, 18% note for a sale to Salem Sounds. Ignore Cost of Goods Sold. Date Accounts Debit Credit 2019 Oct. 2 Dec. 1: Salem Sounds dishonored its note at maturity. (Prepare a single compound journal entry.) Date Accounts Debit Credit 2019 Dec. 1 Dec. 1: Wrote off the receivable associated with Salem Sounds. (Use the allowance method.) Date Accounts Debit Credit 2019 Dec. 1 Dec. 30: Collected the maturity value of the Love Joy Music note. (Prepare a single compound journal entry.) Date Accounts Credit Debit 2019 Dec. 30
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