Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record the following transactions in the journal of Mad Dog Music, Inc. Explanations are not required. Use a 360-day year for interest computations and round

image text in transcribedimage text in transcribedimage text in transcribed

Record the following transactions in the journal of Mad Dog Music, 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 19: Received a $6,000, 90-day, 11% note on account from AM Publishing. Journal Entry Date Accounts Debit Credit Dec 19, 2017 Dec 31: Made an adjusting entry to accrue interest on AM Publishing note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2017 Mar 18: Collected the maturity value of AM Publishing note. (Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Mar 18, 2018 Jun 1: Loaned $8,000 cash to MM Music, receiving a six-month, 10% note. Journal Entry Date Accounts Debit Credit Jun 1, 2018 Oct 31: Received a $5,500, 90-day, 13% note from So Long Music on its past-due account receivable. Journal Entry Date Accounts Debit Credit Oct 31, 2018 Dec 1: Collected the maturity value of the MM Music note. Journal Entry Date Accounts Debit Credit Dec 1, 2018 Dec 31: Make an adjusting entry to accrue interest on the So Long Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2018 2017 Dec 19 Received a $6,000, 90-day, 11% note on account from AM Publishing. Made an adjusting entry to accrue interest on AM Publishing note. 31 2018 Mar 18 Jun 1 Oct 31 Collected the maturity value of AM Publishing note. Loaned $8,000 cash to MM Music, receiving a six-month, 10% note. Received a $5,500, 90-day, 13% note from So Long Music on its past-due account receivable. Collected the maturity value of the MM Music note. Make an adjusting entry to accrue interest on the So Long Music note. Dec 1 Dec 31

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

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

4th edition

978-0134125053, 9780134114781, 134125053, 134114787, 978-0134436111

More Books

Students also viewed these Accounting questions