Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all...
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Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day year. Round your final answ from journal entries.) Dec. 6: Received a $16,000, 90-day, 8% note in settlement of an overdue accounts receivable from AVC Company. Accounts Credit Date 2024 Dec. 6 Note Receivable AVC Company Accounts Receivable-AVC Company 2024 Dec. 31 Interest Receivable Interest Revenue Dec. 31: Made an adjusting entry to accrue interest on the AVC Company note. Date Accounts Dec. 31: Made a closing entry for interest revenue. Accounts Date Debit 16,000 Debit 88.89 16,000 Credit 88.891 Debit Choose from any list or enter any number in the input fields and then continue to the next question. Credit Dec. 31: Made a closing entry for interest revenue. Date 2024 Dec. 31 Interest Revenue Income Summary Date 2025 Mar. 6 Accounts Cash Interest Receivable Data Mar. 6: Collected the maturity value of the AVC Company note. (Prepare a single compound journal entry.) Accounts Debit Credit Debit 88.89 Announte Credit 88.89 Note Receivable-AVC Company Jun. 30: Loaned $11,000 cash to Main Sounds Music, receiving a six-month, 18% note. nahit 88.89 Condit Choose from any list or enter any number in the input fields and then continue to the next question. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day yw from journal entries.) Jun. 30: Loaned $11,000 cash to Main Sounds Music, receiving a six-month, 18% note. Accounts Debit Credit Date 2025 Jun. 30 Oct. 2: Received a $2,000, 60-day, 18% note for a sale to ZZZ Music. Ignore Cost of Goods Sold. Date Debit Credit 2025 Oct. 2 Accounts Dec. 1: ZZZ Music dishonored its note at maturity. (Prepare a single compound journal entry.) Accounts Choose from any list or enter any number in the input fields and then continue to the next question. Date: nahit Cradit Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day y from journal entries.) Dec. 1: ZZZ Music dishonored its note at maturity. (Prepare a single compound journal entry.) Accounts Debit Date 2025 Dec. 1 Dec. 1: Wrote off the receivable associated with ZZZ Music. (Use the allowance method.). Date 2025 Dec. 1 Accounts Credit Debit Credit Dec. 30: Collected the maturity value of the Main Sounds Music note. (Prepare a single compound journal entry.) Choose from any list or enter any number in the input fields and then continue to the next question. Dec. 1: Wrote off the receivable associated with ZZZ Music. (Use the allowance method.) Accounts Date 2025 Dec. 1 Date Dec. 30: Collected the maturity value of the Main Sounds Music note. (Prepare a single compound journal entry.) 2025 Dec. 30 Debit Accounts Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day year. Round your final answ from journal entries.) Dec. 6: Received a $16,000, 90-day, 8% note in settlement of an overdue accounts receivable from AVC Company. Accounts Credit Date 2024 Dec. 6 Note Receivable AVC Company Accounts Receivable-AVC Company 2024 Dec. 31 Interest Receivable Interest Revenue Dec. 31: Made an adjusting entry to accrue interest on the AVC Company note. Date Accounts Dec. 31: Made a closing entry for interest revenue. Accounts Date Debit 16,000 Debit 88.89 16,000 Credit 88.891 Debit Choose from any list or enter any number in the input fields and then continue to the next question. Credit Dec. 31: Made a closing entry for interest revenue. Date 2024 Dec. 31 Interest Revenue Income Summary Date 2025 Mar. 6 Accounts Cash Interest Receivable Data Mar. 6: Collected the maturity value of the AVC Company note. (Prepare a single compound journal entry.) Accounts Debit Credit Debit 88.89 Announte Credit 88.89 Note Receivable-AVC Company Jun. 30: Loaned $11,000 cash to Main Sounds Music, receiving a six-month, 18% note. nahit 88.89 Condit Choose from any list or enter any number in the input fields and then continue to the next question. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day yw from journal entries.) Jun. 30: Loaned $11,000 cash to Main Sounds Music, receiving a six-month, 18% note. Accounts Debit Credit Date 2025 Jun. 30 Oct. 2: Received a $2,000, 60-day, 18% note for a sale to ZZZ Music. Ignore Cost of Goods Sold. Date Debit Credit 2025 Oct. 2 Accounts Dec. 1: ZZZ Music dishonored its note at maturity. (Prepare a single compound journal entry.) Accounts Choose from any list or enter any number in the input fields and then continue to the next question. Date: nahit Cradit Journalize all transactions for Brown's Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day y from journal entries.) Dec. 1: ZZZ Music dishonored its note at maturity. (Prepare a single compound journal entry.) Accounts Debit Date 2025 Dec. 1 Dec. 1: Wrote off the receivable associated with ZZZ Music. (Use the allowance method.). Date 2025 Dec. 1 Accounts Credit Debit Credit Dec. 30: Collected the maturity value of the Main Sounds Music note. (Prepare a single compound journal entry.) Choose from any list or enter any number in the input fields and then continue to the next question. Dec. 1: Wrote off the receivable associated with ZZZ Music. (Use the allowance method.) Accounts Date 2025 Dec. 1 Date Dec. 30: Collected the maturity value of the Main Sounds Music note. (Prepare a single compound journal entry.) 2025 Dec. 30 Debit Accounts Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question.
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Journal entries Date Particulars debit credit Dec 6 Note reciev... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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