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Dec 21: Received a $4, 500, 60-day, 8% not on account from GG Publishing. Dec 31: Made an adjusting entry to accrue interest on GG
Dec 21: Received a $4, 500, 60-day, 8% not on account from GG Publishing. Dec 31: Made an adjusting entry to accrue interest on GG Publishing note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Feb 19: Collected the maturity value of GG Publishing note. (Enter amounts to the nearest dollar.) Jun1: Loaned $8,000 cash to Love Joy Music, receiving a six-month, 7% note. Oct 31: Received a $3,000, 90-day, 11% note from Union Music on its past-due account receivable. Dec 1: Collected the maturity value of the Love Joy Music note. Dec 31: Made an adjusting entry to accrue interest on the Union Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.)
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