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thank you for the help! 2024 Dec. 6 Dec. 31 Received a $16,000, 90-day, 5% note in settlement of an overdue accounts receivable from Free
thank you for the help!
2024 Dec. 6 Dec. 31 Received a $16,000, 90-day, 5% note in settlement of an overdue accounts receivable from Free World Music Made an adjusting entry to accrue interest on the Free World Music note. Made a closing entry for interest revenue. Dec. 31 2025 Mar. 6 Jun 30 Oct. 2 Collected the maturity value of the Free World Music note. Loaned $10,000 cash to Love Joy Music, receiving a six-month, 14% note, Received a $3,000, 60-day, 14% note for a sale to ZZZ Music, Ignore Cost of Goods Sold, ZZZ Music dishonored its note at maturity. Wrote off the receivable associated with ZZZ Music. (Use the allowance method.) Collected the maturity value of the Love Joy Music note. Dec. 1 Dec. 1 Dec. 30 Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day ye from journal entries.) Dec. 6: Received a $16,000, 90-day, 5% note in settlement of an overdue accounts receivable from Free World Music. Date Accounts Debit Credit 2024 Dec. 6 Dec. 31: Made an adjusting entry to accrue interest on the Free World Music note Date Accounts Debit 2024 Credit Dec. 31 Dec. 31: Made a closing entry for interest revenue. Date Accounts Debit Credit 2024 Dec. 31 Mar. 6: Collected the maturity value of the Free World Music note. (Prepare a single compound journal entry Date Accounts Debit Credit 2025 Mar. 6 Jun 30: Loaned $10,000 cash to Love Joy Music, receiving a six-month, 14% note. Date Accounts Debit Credit 2025 Jun. 30 Oct. 2: Received a $3,000, 60-day, 14% note for a sale to ZZZ Music. Ignore Cost of Goods Sold. Date Accounts Debit Credit 2025 Oct. 2 Dec. 1: ZZZ Music dishonored its note at maturity. (Prepare a single compound journal entry.) Date Accounts Debit Credit 2025 Dec. 1 Dec. 1: Wrote off the receivable associated with ZZZ Music. (Use the allowance method.) Date Accounts Debit Credit 2025 Dec. 1 Dec. 30: Collected the maturity value of the Love Joy Music note. (Prepare a single compound jou Date Accounts Debit Credit 2025 Dec. 30 Step by Step Solution
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