Question

Record the following transactions in the journal of Bird’s Eye Music. Explanations are not required. Use 360-day year for interest computation.

2011
Dec 6 Received a $4,000, 90-day, 9% note on account from GG Publishing.
31 Made an adjusting entry to accrue interest on the GG Publishing note.
31 Made a closing entry for interest revenue.
2012
Mar 5 Collected the maturity value of the GG Publishing note.
Jun 1 Loaned $11,000 cash to London Sounds, receiving a six-month, 8% note.
Oct 31 Received a $6,000, 60-day, 13% note from Union Music on its past-due account receivable.
Dec 1 Collected the maturity value of the London Sounds note.



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  • CreatedApril 29, 2014
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