Consider the following transactions for TLC Company. Journalize all transactions for TLC Company. Round all amounts to
Question:
Consider the following transactions for TLC Company.
Journalize all transactions for TLC Company. Round all amounts to the nearest dollar.
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2024 Dec. 6 31 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 1 30 Received a $8,000, 90-day, 9% note in settlement of an overdue accounts receivable from Forest Music. Made an adjusting entry to accrue interest on the Forest Music note. Made a closing entry for interest revenue. Collected the maturity value of the Forest Music note. Loaned $14,000 cash to Washington Music, receiving a six-month, 12% note. Received a $1,000, 60-day, 12% note for a sale to ZZZ Music. Ignore Cost of Goods Sold. ZZZ Music dishonored its note at maturity. Wrote off the receivable associated with ZZZ Music. (Use the allowance method.) Collected the maturity value of the Washington Music note.
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Related Book For
Horngrens Financial And Managerial Accounting The Managerial Chapters
ISBN: 9781292412337
7th Global Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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