Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help! Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 360-day your for interest computations and

please help!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 360-day your for interest computations and round to the nearest follar Click the icon to view the trannactions.) (Record debits first, then credits. Exclude explanations from any journal entries) Dec 19: Received a $3,000, 60-day, 9% noto on account from AVC Company Journal Entry Date Accounts Debit Dec 19, 2017 Not receivable - AVC Company 3,000 Accounts receivable - AVC Company Credit 3.000 Dec 31: Made an adjusting entry to accrue interest on AVC Company note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar) Journal Entry Date Accounts Debit Credit Doc 31. 2017 Interest receivable 4.33 Interest revenue 4.33 v Feb 17: Collected the maturity value of AVC Company note. (Entor amounts to the nearest dollar.) Debit Credit Journal Entry Dato Accounts 17, 2018 Cash Note receivable - AVC Company Feb Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 360- Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Feb 17: Collected the maturity value of AVC Company note. (Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Feb 17, 2018 Cash Note receivable - AVC Company - Interest revenue Jun 1: Loaned $9,000 cash to RS Publishing, receiving a six-month, 8% note. Journal Entry Date Accounts Debit Credit Jun 1, 2018 Oct 31: Received a $2,500, 90-day, 13% note from Voice Publishing on its past-due account receivable. Journal Entry Accounts Date Debit Credit Oct 31, 2018 Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 36 Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Oct 31: Received a $2,500, 90-day, 13% note from Voice Publishing on its past-due account receivable. Journal Entry Date Accounts Debit Credit Oct 31, 2018 Dec 1: Collected the maturity value of the RS Publishing note. Journal Entry Date Accounts Debit Credit Dec 1, 2018 Dec 31: Make an adjusting entry to accrue interest on the Voice Publishing note. (Use a 360-day year for your Journal Entry Date Accounts Debit Credit Dec 31, 2018 Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dolar. Click the loon to view the transactions.) Record debits first the credits Exclude explanations from any jumal entries) Journal Entry Date Accounts Debit Credit OCE 31, 2018 Dec 1: Collected the maturity value of the RS Publishing note. Journal Entry Date Accounts Dec 1. 2018 Debit Credit Duc 31: Make an adjusting entry to accrue interest on the Voice Publishing noto. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar) Journal Entry Date Accounts Debit Credit Dec 31, 2018

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

Accounting An Introduction

Authors: Eddie McLaney, Dr Peter Atrill, Eddie J. Mclan

5th Edition

0273733206, 978-0273733201

More Books

Students also viewed these Accounting questions