Consider the following transactions for CC Publishing 2018 Dec 6 Received a $18,000, 90 day, 6 note in settlement of an overdue accounts receivable from Go Go Publishing 31 Made an adjusting entry to accrue interest on the Go Go Publishing note 31 Made a closing entry for interest revenue 2019 Mar ...

Date Accounts and Explanation Debit Credit 2018 Dec 6 Notes ReceivableGo ...

Consider the following transactions for CC Publishing. 2018 Dec. 6 Received a $18,000, 90-day, 6% note in

Question:

Consider the following transactions for CC Publishing.
2018
Dec. 6 Received a $18,000, 90-day, 6% note in settlement of an overdue from Go Go Publishing.
31 Made an adjusting entry to accrue interest on the Go Go Publishing note.
31 Made a closing entry for interest revenue.
2019
Mar. 6 Collected the value of the Go Go Publishing note.
Jun. 30 Loaned $11,000 cash to Lincoln Music, receiving a six-month, 20% note.
Oct. 2 Received a $2,400, 60-day, 20% note for a sale to Tusk Music. Ignore Cost of Goods Sold.
Dec. 1 Tusk Music dishonored its note at Wrote off the receivable associated with Tusk Music. (Use the allowance method.)
30 Collected the value of the Lincoln Music note.
Journalize all transactions for CC Publishing. Round all amounts to the nearest dollar.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...