Record the following transactions in the journal of Birds Eye Music. Explanations are not required. 2012 Dec
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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 1Loaned $12,000 cash to Lincoln Music, receiving a 6-month, 11% note.
Oct 31Received 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.
MaturityMaturity 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...
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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