Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P8-40B (similar to) Quesbon Hep Consider the foowing transacions for TLC Company (Cick the lcon to view the transaciors) Journalire all transactions for TLC Company

image text in transcribed
image text in transcribed
P8-40B (similar to) Quesbon Hep Consider the foowing transacions for TLC Company (Cick the lcon to view the transaciors) Journalire all transactions for TLC Company Round all amouets to the nearest dollar (For notes stated in days, use a 365 day year Round your final answers to the nearest whole dollar Record debls fest, then credts Exckude explanations from joumal ontries) Dec 6 Receved a $4,000, 90-day, 8 % note in setlement of an overdue accounts recelvablie from Dark Star Musk Accounts Deb Credit Date 2018 Dec 6 2018 Received a $4,000, 90-day, 8 % note in settlement of an overdue accounts receivable from Dark Star Music. 31 Dec. 6 Made an adjusting entry to accrue interest on the Dark Star Music note. 31 Made a closing entry for interest revenue. 2019 Mar. 6 Jun. 30 Collected the maturity value of the Dark Star Music note. Loaned $10,000 cash to Main Sounds Music, receiving a six-month, 18% note. Received a $3,000, 60-day, 18% note for a sale to Voice Publishing Ignore Cost of Goods Sold Voice Publishing dishonored its note at maturity. Wrote off the receivable associated with Voice Publishing. (Use the allowance Oct 2 Dec. 1 1 method.) 30 Collected the maturity value of the Main Sounds Music

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Integrated Concepts And Procedures

Authors: Donald H. Taylor, G. William Glezen

5th Edition

0471524239, 978-0471524236

More Books

Students also viewed these Accounting questions

Question

+ B%= 2 1 sin a =+ 2 3 :

Answered: 1 week ago