2017 Dec 19 Received a $5,000, 90-day, 9% note on account from AVC Company. Made an adjusting entry to accrue interest on AVC Company note. 31 2018 Mar 18 Jun 1 Oct 31 Dec 1 Dec 31 Collected the maturity value of AVC Company note. Loaned $1,000 cash to Love Joy Music, receiving a six-month, 8% note. Received a $1,500, 90-day, 14% note from Taconic Music on its past-due account receivable. Collected the maturity value of the Love Joy Music note. Make an adjusting entry to accrue interest on the Taconic Music note.
2017 Dec 19 Received a $5,000, 90-day, 9% note on account from AVC Company. Made an adjusting entry to accrue interest on AVC Company note. 31 2018 Mar 18 Jun 1 Oct 31 Dec 1 Dec 31 Collected the maturity value of AVC Company note. Loaned $1,000 cash to Love Joy Music, receiving a six-month, 8% note. Received a $1,500, 90-day, 14% note from Taconic Music on its past-due account receivable. Collected the maturity value of the Love Joy Music note. Make an adjusting entry to accrue interest on the Taconic Music note.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Dec 19: Received a $5,000, 90-day, 9% note on account from AVC Company.
Journal Entry
Date
Dec 19, 2017
Accounts
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe17b9f64-47b8-405b-a56c-289d3db4ba38%2Fa737464d-fd68-4287-bbfb-d27f9b4af810%2F4kpgjo4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Dec 19: Received a $5,000, 90-day, 9% note on account from AVC Company.
Journal Entry
Date
Dec 19, 2017
Accounts
Debit
Credit
![2017
Dec
19 Received a $5,000, 90-day, 9% note on account from AVC Company.
31 Made an adjusting entry to accrue interest on AVC Company note.
2018
Mar 18
Jun
1
Oct 31
Dec
Dec
Collected the maturity value of AVC Company note.
Loaned $1,000 cash to Love Joy Music, receiving a six-month, 8% note.
Received a $1,500, 90-day, 14% note from Taconic Music on its past-due account
receivable.
1
Collected the maturity value of the Love Joy Music note.
31 Make an adjusting entry to accrue interest on the Taconic Music note.
▬▬▬▬▬](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe17b9f64-47b8-405b-a56c-289d3db4ba38%2Fa737464d-fd68-4287-bbfb-d27f9b4af810%2Fw1lqden_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2017
Dec
19 Received a $5,000, 90-day, 9% note on account from AVC Company.
31 Made an adjusting entry to accrue interest on AVC Company note.
2018
Mar 18
Jun
1
Oct 31
Dec
Dec
Collected the maturity value of AVC Company note.
Loaned $1,000 cash to Love Joy Music, receiving a six-month, 8% note.
Received a $1,500, 90-day, 14% note from Taconic Music on its past-due account
receivable.
1
Collected the maturity value of the Love Joy Music note.
31 Make an adjusting entry to accrue interest on the Taconic Music note.
▬▬▬▬▬
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