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Dec. 6 Received a $60,000,90-day, 6% note in settlement of an overdue accounts receivable from AM Publishing. Dec. 31 Made an adjusting entry to accrue
Dec. 6 Received a $60,000,90-day, 6% 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 Mar. 6 Collected the maturity value of the AM Publishing note. Jun. 30 Loaned $12,000 cash to MM Music, receiving a six-month, 18% note. Oct. 2 Received a $2,000,60-day, 18% note for a sale to Rythm and Melody. Ignore Cost of Goods Sold. Dec. 1 Rythm and Melody dishonored its note at maturity. Dec. 1 Wrote off the receivable associated with Rythm and Melody. (Use the allowance method.) Dec. 30 Collected the maturity value of the MM Music note. Dec. 6: Received a $60,000,90-day, 6% 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. Mar. 6: Collected the maturity value of the AM Publishing note. (Prepare a single compound journal entry.) Jun. 30: Loaned $12,000 cash to MM Music, receiving a six-month, 18% note. Dec. 1: Rythm and Melody dishonored its note at maturity. (Prepare a single compound journal entry
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