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Consider the following transactions for TLC Company. (Click the icon to view the transactions.) Journalize all transactions for TLC Company. Round all amounts to the
Consider the following transactions for TLC Company. (Click the icon to view the transactions.) Journalize all transactions for TLC Company. 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.) A More Info 2018 Dec. 6 Received a $80,000, 90-day, 8% note in settlement of an overdue accounts receivable from Free World Music. 31 Made an adjusting entry to accrue interest on the Free World Music note. 31 Made a closing entry for interest revenue. 2019 Mar. 6 Collected the maturity value of the Free World Music note. Jun. 30 Loaned $14,000 cash to RS Publishing, receiving a six-month, 12% note. Oct. 2 Received a $2,000, 60-day, 12% note for a sale to Taconic Music. Ignore Cost of Goods Sold. Dec. 1 Taconic Music dishonored its note at maturity. 1 Wrote off the receivable associated with Taconic Music. (Use the allowance method.) 30 Collected the maturity value of the RS Publishing note. Print Done
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