2018 Dec. 6 Received a $18,000, 90-day, 6% note in settlement of an overdue accounts receivable from Go Go Publishing.- 31 Made an adjusting entry to accrue interest on the Go Go Publishing note. 31 Made a closing entry for interest revenue. 2019 Mar. 6 Collected the maturity value of the Go Go Publishing note. Jun. 30 Loaned $11,000 cash to Lincoln Music, receiving a six-month, 20% note. Oct. 2 Received a $2,400, 60-day, 20% note for a sale to Tusk Music. Ignore Cost of Goods Sold. Dec. 1 Tusk Music dishonored its note at maturity. 1 Wrote off the receivable associated with Tusk Music. (Use the allowance method.) 30 Collected the maturity value of the Lincoln Music note.
2018 Dec. 6 Received a $18,000, 90-day, 6% note in settlement of an overdue accounts receivable from Go Go Publishing.- 31 Made an adjusting entry to accrue interest on the Go Go Publishing note. 31 Made a closing entry for interest revenue. 2019 Mar. 6 Collected the maturity value of the Go Go Publishing note. Jun. 30 Loaned $11,000 cash to Lincoln Music, receiving a six-month, 20% note. Oct. 2 Received a $2,400, 60-day, 20% note for a sale to Tusk Music. Ignore Cost of Goods Sold. Dec. 1 Tusk Music dishonored its note at maturity. 1 Wrote off the receivable associated with Tusk Music. (Use the allowance method.) 30 Collected the maturity value of the Lincoln Music note.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Accounting for notes receivable, dishonored notes, and accrued interest revenue
Consider the following transactions for CC Publishing.
Journalize all transactions for CC Publishing. Round all amounts to the nearest dollar.
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