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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||

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
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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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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