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Dec. 6: Received a $4,000, 90-day, 12% note in settlement of an overdue accounts receivable from GG Pub Date Accounts Debit Credit 2018 Dec. 6
Dec. 6: Received a $4,000, 90-day, 12% note in settlement of an overdue accounts receivable from GG Pub Date Accounts Debit Credit 2018 Dec. 6 Dec. 31: Made an adjusting entry to accrue interest on the GG Publishing 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 GG Publishing note. (Prepare a single compound journal entry.) Date Accounts Debit Credit 2019 Mar. 6 Jun. 30: Loaned $12,000 cash to Providence Music, receiving a six-month, 16% note. Date Accounts Debit Credit 2019 Jun. 30 Oct. 2: Received a $5,000, 60-day, 16% note for a sale to Skip's Music. Ignore Cost of Goods Sold. Date Accounts Debit Credit 2019 Oct. 2 Dec. 1: Skip's Music 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 Skip's Music. (Use the allowance method.) Date Accounts Debit Credit 2019 Dec. 1 Dec. 30: Collected the maturity value of the Providence Music note. (Prepare a single compound journal entry.) Date Accounts Debit Credit 2019 Dec. 30 2018 Dec. 6 Received a $4,000, 90-day, 12% note in settlement of an overdue accounts receivable from GG Publishing. Made an adjusting entry to accrue interest on the GG Publishing note. Made a closing entry for interest revenue. Dec. 31 Dec. 31 2019 Mar. 6 Jun. 30 Oct. 2 Collected the maturity value of the GG Publishing note. Loaned $12,000 cash to Providence Music, receiving a six-month, 16% note. Received a $5,000, 60-day, 16% note for a sale to Skip's Music. Ignore Cost of Goods Sold. Skip's Music dishonored its note at maturity. Wrote off the receivable associated with Skip's Music. (Use the allowance method.) Collected the maturity value of the Providence Music note. Dec. 1 Dec. 1 Dec. 30
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