Record the following transactions in the journal of Renschler Communication, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar. A (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Dec 16: Received a $6,000, 60-day, 12% note on account from Jazz Music. Journal Entry Date Accounts Debit Credit Dec 16, 2017 Dec 31: Made an adjusting entry to accrue interest on Jazz Music note. (Use a 360-day year for your calculation. Enter amounts the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2017 More Info 2017 16 Received a $6,000, 60-day, 12% note on account from Jazz Music. 31 Made an adjusting entry to accrue interest on Jazz Music note. Dec . Feb 14: Collected the maturity value of Jazz Music note. (Enter amounts to the nearest dollar.) Journal Entry 2018 Feb 14 Collected the maturity value of Jazz Music note. 1 Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note. 31 Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account Date Accounts Debit Credit Jun Feb 14, 2018|| Oct receivable. Dec 1 Collected the maturity value of the Love Joy Music note. Dec 31 Make an adjusting entry to accrue interest on the Mark Phillips note. Jun 1: Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note. Journal Entry Print Done Date Accounts Debit Credit Jun 1, 2018|| Oct 31: Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account receivable. Journal Entry Date Accounts Debit Credit Oct 31, 2018||

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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Question
Dec 1: Collected the maturity value of the Love Joy Music note.
Journal Entry
Date
Accounts
Debit
Credit
Dec
1. 2018
Dec 31: Make an adjusting entry to accrue interest on the Mark Phillips note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.)
Journal Entry
Date
Accounts
Debit
Credit
Dec
31, 2018
Transcribed Image Text:Dec 1: Collected the maturity value of the Love Joy Music note. Journal Entry Date Accounts Debit Credit Dec 1. 2018 Dec 31: Make an adjusting entry to accrue interest on the Mark Phillips note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2018
Record the following transactions in the journal of Renschler Communication, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar.
A (Click the icon to view the transactions.)
(Record debits first, then credits. Exclude explanations from any journal entries.)
Dec 16: Received a $6,000, 60-day. 12% note on account from Jazz Music.
Journal Entry
Date
Accounts
Debit
Credit
Dec
16, 2017
Dec 31: Made an adjusting entry to accrue interest on Jazz Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.)
Journal Entry
Date
Accounts
Debit
Credit
Dec
31, 2017
More Info
2017
Dec
16 Received a $6,000, 60-day, 12% note on account from Jazz Music.
Feb 14: Collected the maturity value of Jazz Music note. (Enter amounts to the nearest dollar.)
31 Made an adjusting entry to accrue interest on Jazz Music note.
Journal Entry
2018
Feb
14 Collected the maturity value of Jazz Music note.
Date
Accounts
Debit
Credit
Jun
1
Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note.
Feb
14, 2018
Oct
31 Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account
receivable.
Dec
1
Collected the maturity value of the Love Joy Music note.
Dec
31 Make an adjusting entry to accrue interest on the Mark Phillips note.
Jun 1: Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note.
Journal Entry
Print
Done
Date
Accounts
Debit
Credit
Jun
1, 2018
Oct 31: Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account receivable.
Journal Entry
Date
Accounts
Debit
Credit
Oct
31, 2018
Transcribed Image Text:Record the following transactions in the journal of Renschler Communication, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar. A (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Dec 16: Received a $6,000, 60-day. 12% note on account from Jazz Music. Journal Entry Date Accounts Debit Credit Dec 16, 2017 Dec 31: Made an adjusting entry to accrue interest on Jazz Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2017 More Info 2017 Dec 16 Received a $6,000, 60-day, 12% note on account from Jazz Music. Feb 14: Collected the maturity value of Jazz Music note. (Enter amounts to the nearest dollar.) 31 Made an adjusting entry to accrue interest on Jazz Music note. Journal Entry 2018 Feb 14 Collected the maturity value of Jazz Music note. Date Accounts Debit Credit Jun 1 Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note. Feb 14, 2018 Oct 31 Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account receivable. Dec 1 Collected the maturity value of the Love Joy Music note. Dec 31 Make an adjusting entry to accrue interest on the Mark Phillips note. Jun 1: Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note. Journal Entry Print Done Date Accounts Debit Credit Jun 1, 2018 Oct 31: Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account receivable. Journal Entry Date Accounts Debit Credit Oct 31, 2018
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