Record the following transactions in the journal of Birds Eye
Record the following transactions in the journal of Birds Eye Music. Explanations are not required.
2012
Dec 19 Received a $6,000, 60-day, 12% note on account from AVC Company.
31 Made an adjusting entry to accrue interest on the AVC Company note.
31 Made a closing entry for interest revenue.
2013
Feb 17 Collected the maturity value of the AVC Company note.
Jun 1 Loaned $12,000 cash to Lincoln Music, receiving a 6-month, 11% note.
Oct 31 Received a $5,500, 60-day, 13% note from Ying Yang Music on its past-due account receivable.
Dec 1 Collected the maturity value of the Lincoln Music note.
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