Accounting for notes receivable, dishonored notes, and accrued interest revenue [20-30 min]
Consider the following transactions for Jo Jo Music.
2011 |
| |
Dec 6 | Received a $7,000, 90-day, 12% note on account from Dark Star Music. | |
31 | Made an adjusting entry to accrue interest on the Dark Star Music note. | |
31 | Made a closing entry for interest revenue. | |
2012 |
| |
Mar 4 | Collected the maturity value of the Dark Star Music note. | |
Jun 30 | Loaned $11,000 cash to Love Joy Music, receiving a six-month, 11% note. | |
Oct 2 | Received a $2,400, 60-day, 11% note for a sale to Voice Publishing. Ignore cost of goods sold. | |
Dec 1 | Voice Publishing dishonored its note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible accounts. | |
30 | Collected the maturity value of the Love Joy Music note. | |
Requirement
1. Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)
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