Consider the following transactions for Smiths Publishing.
Dec. 6 Received a $15,000, 90-day, 12% note in settlement of an overdue accounts receivable from Jazz Music.
31 Made an adjusting entry to accrue interest on the Jazz Music note.
31 Made a dosing entry for interest revenue.
Mar. 6 Collected the maturity value of the Jazz Music note.
Jun. 30 Loaned $11,000 cash to RS Publishing, receiving a six-month, 12% note.
Oct. 2 Received a $3,000, 60-day, 12% note for a sale to Tusk Music. Ignore Cost of Goods Sold.
Dec. 1 Tusk Music dishonored its note at maturity.
1 Wrote off the receivable associated with Tusk Music. (Use the allowance method.) 30 Collected the maturity value of the RS Publishing note.
Journalize all transactions for Smith’s Publishing. Round all amounts to the nearest dollar.

  • CreatedJune 15, 2015
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