Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use...
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Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Dec 16: Received a $4,000, 90-day, 12% note on account from AM Publishing. Journal Entry Date Dec 16, 2017 Date Dec 31, 2017 Dec 31: Made an adjusting entry to accrue interest on AM Publishing note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Mar Accounts Date 15, 2018 Journal Entry Accounts Debit Mar 15: Collected the maturity value of AM Publishing note. (Enter amounts to the nearest dollar.) Journal Entry Accounts Debit Credit Debit Credit Credit Jun Date 1, 2018 Date Oct 31, 2018 Dec cash to MM Music, receiving a six-month, 11% note. Journal Entry Oct 31: Received a $3,000, 90-day, 14% note from Utica Music on its past-due account receivable. Journal Entry Date Accounts Dec 1: Collected the maturity value of the MM Music note. Journal Entry 1, 2018 Accounts Debit Accounts Debit Credit Debit Credit Credit Dec 31: Make an adjusting entry to accrue interest on the Utica Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Dec Date 31, 2018 Journal Entry Accounts Debit Credit Record the following transactions in the journal of TLC Company, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Dec 16: Received a $4,000, 90-day, 12% note on account from AM Publishing. Journal Entry Date Dec 16, 2017 Date Dec 31, 2017 Dec 31: Made an adjusting entry to accrue interest on AM Publishing note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Mar Accounts Date 15, 2018 Journal Entry Accounts Debit Mar 15: Collected the maturity value of AM Publishing note. (Enter amounts to the nearest dollar.) Journal Entry Accounts Debit Credit Debit Credit Credit Jun Date 1, 2018 Date Oct 31, 2018 Dec cash to MM Music, receiving a six-month, 11% note. Journal Entry Oct 31: Received a $3,000, 90-day, 14% note from Utica Music on its past-due account receivable. Journal Entry Date Accounts Dec 1: Collected the maturity value of the MM Music note. Journal Entry 1, 2018 Accounts Debit Accounts Debit Credit Debit Credit Credit Dec 31: Make an adjusting entry to accrue interest on the Utica Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Dec Date 31, 2018 Journal Entry Accounts Debit Credit
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Journal entries Date General Journal Debit Credit Dec 16 Notes receivable 4000 Account receivabl... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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