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Consider the following transactions for Mad Dog Music. i (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music. Round
Consider the following transactions for Mad Dog Music. i (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 $8,000, 90-day, 12% note in settlement of an overdue accounts receivable from AM Publishing. Date 2024 Dec. 6 Accounts Debit Dec. 31: Made an adjusting entry to accrue interest on the AM Publishing note. Date 2024 Dec. 31 Accounts Dec. 31: Made a closing entry for interest revenue. Date 2024 Dec. 31 Accounts Debit Credit More info 2024 Dec. 6 Received a $8,000, 90-day, 12% note in settlement of an overdue accounts receivable from AM Publishing. Dec. 31 Made an adjusting entry to accrue interest on the AM Publishing note. Dec. 31 Made a closing entry for interest revenue. 2025 Credit Mar. 6 Collected the maturity value of the AM Publishing note. Jun. 30 Oct. 2 Loaned $15,000 cash to Oppie's Publishing, receiving a six-month, 18% note. Dec. 1 Received a $7,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Utica Music dishonored its note at maturity. Dec. 1 Dec. 30 Wrote off the receivable associated with Utica Music. (Use the allowance method.) Collected the maturity value of the Oppie's Publishing note. Debit Credit Mar. 6: Collected the maturity value of the AM Publishing note. (Prepare a single compound journal entry.) Print Done - 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.) Mar. 6: Collected the maturity value of the AM Publishing note. (Prepare a single compound journal entry.) Date 2025 Mar. 6 Accounts Debit Credit Jun. 30: Loaned $15,000 cash to Oppie's Publishing, receiving a six-month, 18% note. Date 2025 Jun. 30 Accounts Debit More info 2024 Dec. 6 Received a $8,000, 90-day, 12% note in settlement of an overdue accounts receivable from AM Publishing. Dec. 31 Made an adjusting entry to accrue interest on the AM Publishing note. Dec. 31 Made a closing entry for interest revenue. Credit 2025 Mar. 6 Collected the maturity value of the AM Publishing note. Jun. 30 Oct. 2 Dec. 1 Loaned $15,000 cash to Oppie's Publishing, receiving a six-month, 18% note. Received a $7,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Utica Music dishonored its note at maturity. Dec. 1 Dec. 30 Wrote off the receivable associated with Utica Music. (Use the allowance method.) Collected the maturity value of the Oppie's Publishing note. Oct. 2: Received a $7,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Date Accounts Debit Credit 2025 Oct. 2 Print Done x At September 30, 2024, the accounts of West Terrace Medical Center (WTMC) include the following: Accounts Receivable $ Allowance for Bad Debts (credit balance) 141,000 3,100 During the last quarter of 2024, WTMC completed the following selected transactions: (Click the icon to view the transactions.) Read the requirements. Recorded bad debts expense based on the aging of accounts receivable Accounts and Explanation Date 2024 Dec. 31 Debit Credit The T-accounts for Accounts Receivable and Allowance for Bad Debts have been opened for you. Enter the opening balances, post the transactions to the two T-accounts, and calculate the ending balances for each account. Use the appropriate posting references for all balances and transactions. Accounts Receivable Allowance for Bad Debts Requirement 2. Show how West Terrace Medical Center should report net accounts receivable on its December 31, 2024, balance sheet. Balance Sheet (Partial): Current Assets: Requirements 1. Journalize the transactions (omit explanations). The T-accounts for Accounts Receivable and Allowance for Bad Debts have been opened for you. Post the transactions t 2. Show how West Terrace Medi receivable on its December 31 Print Snipping Tool
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