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Do note, more information is provided in the pane to the right. Record the following transactions in the journal of Bingham Phone Accessories, Inc. Explanations
Do note, more information is provided in the pane to the right.
Record the following transactions in the journal of Bingham Phone Accessories, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Dec 16: Received a $4,000, 60-day, 9% note on account from Free World Music. Debit Credit Journal Entry Date Accounts Dec 16, 2017 Note receivable - Free World Music Cash Dec 31: Made an adjusting entry to accrue interest on Free World Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Accounts @ More Info - X Debit Credit Dec Date 31, 2017 Interest receivable Interest revenue 2017 Dec 16 Received a $4,000, 60-day, 9% note on account from Free World Music. 31 Made an adjusting entry to accrue interest on Free World Music note. Feb 14: Collected the maturity value of Free World Music note. (Enter amounts to the nearest dollar.) 2018 Feb Jun Oct Debit Credit 14 Collected the maturity value of Free World Music note. 1 Loaned $5,000 cash to RS Publishing, receiving a six-month, 8% note. 31 Received a $2,000, 90-day, 12% note from ZZZ Music on its past-due account receivable. 1 Collected the maturity value of the RS Publishing note. 31 Make an adjusting entry to accrue interest on the ZZZ Music note. Journal Entry Date Accounts 14, 2018 Cash Interest revenue Interest receivable Note receivable - Free World Music Feb Dec Dec Print Done Jun 1: Loaned $5,000 cash to RS Publishing, receiving a six-month, 8% note. Debit Credit Journal Entry Date Accounts 1, 2018 Note receivable - RS Publishing Cash Jun Oct 31: Received a $2,000, 90-day, 12% note from ZZZ Music on its past-due account receivable. A More Info Debit Credit Journal Entry Date Accounts 31, 2018 Note receivable - ZZZ Music Accounts receivable - ZZZ Music Oct 2017 Dec 16 Received a $4,000, 60-day, 9% note on account from Free World Music. 31 Made an adjusting entry to accrue interest on Free World Music note. Dec 1: Collected the maturity value of the RS Publishing note. 2018 Feb Jun Oct Journal Entry Accounts 14 Collected the maturity value of Free World Music note. 1 Loaned $5,000 cash to RS Publishing, receiving a six-month, 8% note. 31 Received a $2,000, 90-day, 12% note from ZZZ Music on its past-due account receivable. 1 Collected the maturity value of the RS Publishing note. 31 Make an adjusting entry to accrue interest on the ZZZ Music note Debit Credit Date 1, 2018 Cash Interest revenue Dec Dec Dec Note receivable - RS Publishing Print Done Dec 31: Make an adjusting entry to accrue interest on the ZZZ Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Accounts Debit Credit Dec Date 31, 2018 Interest receivable Interest revenueStep by Step Solution
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