relaxing recliner chairs completed the following selected transa 355777
Aug 29, 2021 | Uncategorized
| Relaxing Recliner Chairs completed the following selected transactions: |
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| 2011 |
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| Dec 6 |
Received a $7,000, 90 day, 12% note on account from Dark Star Music. |
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| 31 |
Made an adjusting entry to accrue interest on the Dark Star Music note. |
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| 31 |
Made a closing entry for interest revenue. |
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| 2012 |
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| Mar 4 |
Collected the maturity value of the Dark Star Music note. |
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| Jun 30 |
Loaned $11,000 cash to Love Joy Music, receiving a six month, 11% note. |
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| Oct 2 |
Received a $2,400, 60 day, 11% note for a sale to Voice Publishing. Ignore cost of goods sold. |
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| Dec 1 |
Voice Publishing dishonored its note at maturity; wrote off the note as |
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uncollectible, debiting Allowance for uncollectible accounts. |
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| 30 |
Collected the maturity value of the Love Joy Music note. |
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| Requirements |
| 1. |
Journalize all transactions for Jo Jo Music. Round all amounts to the nearest |
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dollar. (For notes stated in days, use a 360 day year.)
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