Question
Consider the following transactions for Renschler Communication. LOADING...(Click the icon to view the transactions.) Journalize all transactions for Renschler Communication. Round all amounts to the
Consider the following transactions for Renschler Communication. LOADING...(Click the icon to view the transactions.) Journalize all transactions for Renschler Communication. 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.)
2018 Dec. 6 Received a $ 60 comma 000, 90-day, 9% note in settlement of an overdue accounts receivable from All Star.
31 Made an adjusting entry to accrue interest on the All Star note.
31 Made a closing entry for interest revenue. 2019
Mar. 6 Collected the maturity value of the All Star note.
Jun. 30 Loaned $ 10 comma 000 cash to Love Joy Music, receiving a six-month, 18% note.
Oct. 2 Received a $ 2 comma 000, 60-day, 18% note for a sale to So Long Music. Ignore Cost of Goods Sold. Dec. 1 So Long Music dishonored its note at maturity. 1 Wrote off the receivable associated with So Long Music. (Use the allowance method.)
30 Collected the maturity value of the Love Joy Music note.
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