Question

P8-40B (similar to) Quesbon Hep Consider the foowing transacions for TLC Company (Cick the lcon to view the transaciors) Journalire all transactions for TLC Company Round all amouets to the nearest dollar (For notes stated in days, use a 365 day year Round your final answers to the nearest whole dollar Record debls fest, then credts Exckude explanations from joumal ontries) Dec 6 Receved a $4,000, 90-day, 8 % note in setlement of an overdue accounts recelvablie from Dark Star Musk Accounts Deb Credit Date 2018 Dec 6

Answer 1

Solution = 2018 © Dajs = Dec 6 to Dec 31 = 25 days 2018 Colc 31); Interest Revenue = 4000 X84. X 25 doys 360 R ___= २२.२3 0 २२ 2019 (mar6) Total Doys: from Dec 31 to March 6 => 65 days Interest revenue = 40008 8%X 65 days 360 mg = 57.78 or 58

Dec 1: Days & from June 30 to Dec I = 60 days Interest revenue = 3000 x 18% X 60 360 = 90 Dec 30: Days from June 30 to Dec 30 = 6 months Interest Revenue = loooo X 18% (6+12) months 900 Date Account title & Explanation Delit I Gredet 2018 Notes 4000 Dec 6 receivable - Draak world - Music 4000 Accounts receivable - Dark star music [Beeng Notes receivable received ] Dec 31 Interest recevable Interest revenue [ Being Interest occorwed ] Dec 31 Interest revenue Income Summary [Being Interest revenue recorded]

2019 Gash 4080 Mar6 Interest receivable 22 Interest revenue Notes receivable - Dark Star Music 4000 | [Being maturity value collection] June 30 Notes receivable - Main Sounds 10000 10000 Cash [ Being Note - receivable recorded] oct 2 voke publishing 3000 Notes receivable sales revenue 3000 [ Being Notes receivable recorded] Dec 1 90 3000 Accounts receivable voice publishing | 3090 Interest revenue Notes recevable - voice publishing [ Being Note deshonored] Allowance for Bad debte 3090 Accounts receivable - voice publishing [ Being receivable written off ] Decl 3090 Dec 30 Cash 10900 Interest revenue Note recevable - main sounds Music 900 10000