Consider the following transactions for Renschler Communication.(Click the icon to view the transactions.)Journalize all transactions for Renschler Communication. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dollar. Recorddebits first, then credits. Exclude explanations from journal entries.)Dec. 6: Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark Star Music.Date2024Dec. 6DateDec. 31: Made an adjusting entry to accrue interest on the Dark Star Music note.2024Dec. 31AccountsDateDec. 31: Made a closing entry for interest revenue.2024Dec. 31AccountsDebitAccountsDebitDebitCreditCreditCredit More info2024Dec. 6Dec. 31Dec. 312025Mar. 6Jun. 30Oct. 2Dec. 1Dec. 1Dec. 30Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark StarMusic.Made an adjusting entry to accrue interest on the Dark Star Music note.Made a closing entry for interest revenue.Collected the maturity value of the Dark Star Music note.Loaned $10,000 cash to London Sounds, receiving a six-month, 18% note.Received a $1,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold.Utica Music dishonored its note at maturity.Wrote off the receivable associated with Utica Music. (Use the allowance method.)Collected the maturity value of the London Sounds note.PrintDone- X

2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark Star Music. Made an adjusting entry to accrue interest on the Dark Star Music note. Made a closing entry for interest revenue. Collected the maturity value of the Dark Star Music note. Loaned $10,000 cash to London Sounds, receiving a six-month, 18% note. Received a $1,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Utica Music dishonored its note at maturity. Wrote off the receivable associated with Utica Music. (Use the allowance method.) Collected the maturity value of the London Sounds note.

2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark Star Music. Made an adjusting entry to accrue interest on the Dark Star Music note. Made a closing entry for interest revenue. Collected the maturity value of the Dark Star Music note. Loaned $10,000 cash to London Sounds, receiving a six-month, 18% note. Received a $1,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Utica Music dishonored its note at maturity. Wrote off the receivable associated with Utica Music. (Use the allowance method.) Collected the maturity value of the London Sounds 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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