Question: Please answer in proper format with all working clearly Note : Every entry should have narration please More info 2017 Dec 16 Received a $1,500.
Please answer in proper format with all working clearly
Note : Every entry should have narration please
More info 2017 Dec 16 Received a $1,500. 90-day, 8% note on account from Dark Star Music. 31 Made an adjusting entry to accrue interest on Dark Star Music note. 2018 Mar 15 Collected the maturity value of Dark Star Music note. Jun 1 Loaned $5,000 cash to Love Joy Music. receiving a six-month, 7% note. Oct 31 Received a $4.000. 90-day, 10% note from Skip's Music on its past-due account receivable. Dec 1 Collected the maturity value of the Love Joy Music note. Dec 31 Make an adjusting entry to accrue interest on the Skip's Music note. \fJun 1: Loaned $5,000 cash to Love Joy Music, receiving a six-month, 7% note. Journal Entry Date Accounts Debit Credit Jun 1, 2018 Oct 31: Received a $4,000, 90-day, 10% note from Skip's Music on its past-due account receivable. Journal Entry Date Accounts Debit Credit Oct 31, 2018 Dec 1: Collected the maturity value of the Love Joy Music note. Journal Entry Date Accounts Debit Credit Dec 1, 2018 Dec 31: Make an adjusting entry to accrue interest on the Skip's Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2018
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
Students Have Also Explored These Related Accounting Questions!