Question

Record the following transactions in the journal of Jo Jo Music. Explanations are not required. Use 360-day year for interest computations.
2011
Dec 19 Received a $3,000, 90-day, 8% note on account from The Music Man.
31 Made an adjusting entry to accrue interest on The Music Man note.
31 Made a closing entry for interest revenue.
2012
Mar 18 Collected the maturity value of The Music Man note.
Jun 1 Loaned $15,000 cash to Main Street Music, receiving a six-month, 7% note.
Oct 31 Received a $4,500, 60-day, 10% note from Voice Publishing on its past-due account receivable.
Dec 1 Collected the maturity value of the Main Street Music note.



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  • CreatedApril 29, 2014
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