Consider the following transactions for Smiths Publishing 2016 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 2017 Mar 6 Collec...

Date Accounts and Explanation Debit Credit 2016 Dec 6 Notes ReceivableJa ...

Consider the following transactions for Smiths Publishing. 2016 Dec. 6 Received a $15,000, 90-day, 12% note in

Question:

Consider the following transactions for Smiths Publishing.
2016
Dec. 6 Received a $15,000, 90-day, 12% note in settlement of an overdue from Jazz Music.
31 Made an adjusting entry to accrue interest on the Jazz Music note.
31 Made a dosing entry for interest revenue.
2017
Mar. 6 Collected the 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 Wrote off the receivable associated with Tusk Music. (Use the allowance method.) 30 Collected the value of the RS Publishing note.
Journalize all transactions for Smith’s 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...