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Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. 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. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $30,000, 90-day, 6% note in settlement of an overdue accounts receivable from Jazz Music. Accounts Date 2024 Dec. 6 KITE Debit Credit

Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. 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. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $30,000, 90-day, 6% note in settlement of an overdue accounts receivable from Jazz Music. Accounts Date 2024 Dec. 6 KITE Debit Credit

FINANCIAL ACCOUNTING
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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Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. 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. Record debits first, then credits. Exclude explanations from journal entries.) KITS Dec. 6: Received a $30,000, 90-day, 6% note in settlement of an overdue accounts receivable from Jazz Music. Date Accounts Credit 2024 Dec. 6 Debit
Transcribed Image Text:Consider the following transactions for Brown's Music. (Click the icon to view the transactions.) Journalize all transactions for Brown's Music. 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. Record debits first, then credits. Exclude explanations from journal entries.) KITS Dec. 6: Received a $30,000, 90-day, 6% note in settlement of an overdue accounts receivable from Jazz Music. Date Accounts Credit 2024 Dec. 6 Debit
More info 2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $30,000, 90-day, 6% note in settlement of an overdue accounts receivable from Jazz Music. Made an adjusting entry to accrue interest on the Jazz Music note. Made a closing entry for interest revenue. Collected the maturity value of the Jazz Music note. Loaned $12,000 cash to RS Publishing, receiving a six-month, 16% note. Received a $3,000, 60-day, 16% note for a sale to Rythm and Melody. Ignore Cost of Goods Sold. Rythm and Melody dishonored its note at maturity. Wrote off the receivable associated with Rythm and Melody. (Use the allowance method.) Collected the maturity value of the RS Publishing note. Print Done
Transcribed Image Text:More info 2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $30,000, 90-day, 6% note in settlement of an overdue accounts receivable from Jazz Music. Made an adjusting entry to accrue interest on the Jazz Music note. Made a closing entry for interest revenue. Collected the maturity value of the Jazz Music note. Loaned $12,000 cash to RS Publishing, receiving a six-month, 16% note. Received a $3,000, 60-day, 16% note for a sale to Rythm and Melody. Ignore Cost of Goods Sold. Rythm and Melody dishonored its note at maturity. Wrote off the receivable associated with Rythm and Melody. (Use the allowance method.) Collected the maturity value of the RS Publishing note. Print Done
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