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Relaxing Recliner Chairs completed the following selected transactions: 2011 Dec 6 Received a $7,000, 90-day, 12% note on account from Dark Star Music. 31 Made
Relaxing Recliner Chairs completed the following selected transactions: | ||||||
2011 | ||||||
Dec 6 | Received a $7,000, 90-day, 12% note on account from Dark Star Music. | |||||
31 | Made an adjusting entry to accrue interest on the Dark Star Music note. | |||||
31 | Made a closing entry for interest revenue. | |||||
2012 | ||||||
Mar 4 | Collected the maturity value of the Dark Star Music note. | |||||
Jun 30 | Loaned $11,000 cash to Love Joy Music, receiving a six-month, 11% note. | |||||
Oct 2 | Received a $2,400, 60-day, 11% note for a sale to Voice Publishing. Ignore cost of goods sold. | |||||
Dec 1 | Voice Publishing dishonored its note at maturity; wrote off the note as | |||||
uncollectible, debiting Allowance for uncollectible accounts. | ||||||
30 | Collected the maturity value of the Love Joy Music note. | |||||
Requirements | ||||||
1. | Journalize all transactions for Jo Jo Music. Round all amounts to the nearest | |||||
dollar. (For notes stated in days, use a 360-day year.) |
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