Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642949
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem P9.40BPGB
Accounting for notes receivable, dishonored notes, and accrued interest revenue
Leaming Objective 4
March 6, 2019 Interest Revenue $128
Consider the following transactions for TLC Cornpany.
| 2018 | |
| Dec. 6 | Received a $8,000, 90-day, 9% note in settlement of an overdue |
| 31 | Made an |
| 31 | Made a closing entry for interest revenue. |
| 2019 | |
| Mar. 6 | Collected the maturity value of the Forest Music note. |
| Jun. 30 | Loaned $14,000 cash to Washington Music, receiving a six-month, 12% note. |
| Oct. 2 | Received a $1,000, 60-day, 12% note tor a sale to ZZZ Music. Ignore Cost of Goods Sold. |
| Dec. 1 | ZZZ Music dishonored its note at maturity. |
| 1 | Wrote oft the receivable associated with ZZZ Music. (Use the allowance method.) |
| 30 | Collected the maturity value of the Washington Music note. |
Journalize all transactions for TLC Company. Round all amounts to the nearest dollar.
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Journalizing note receivable transactions including a dishonored note
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Chapter 9 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
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