Dec 19: Received a $5,000, 90-day, 9% note on account from AVC Company.Journal EntryDateDec 19, 2017AccountsDebitCredit 2017Dec19 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.2018Mar 18Jun1Oct 31DecDecCollected 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 accountreceivable.1Collected the maturity value of the Love Joy Music note.31 Make an adjusting entry to accrue interest on the Taconic Music note.▬▬▬▬▬

Notes receivable is a form of the promissory note. On this note one party promise to pay money to…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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