Ace 12- Section 02-Spring 201 by Truong &1 6218 5:09 PM Homework: More Chapter 9

Question

Ace 12- Section 02-Spring 201 by Truong &1 6218 5:09 PM Homework: More Chapter 9 Score: 0 of 1 pt P9-33A (similar to) Consder the folowing transactions for Brown's Musc o6 (2 complete) MN Score: 3020%, 1.82 of 6 pts Question Heip iCkck the icon to view the transactions Jounsa e all transactions fo Brown's Musc Round 81 anorts to be nearest dolar (For notes sated n dys use·365-day yee Round your Mal answers to nerearest wolt dolar Record debts first then credits E clude explain s tn r al Dec 6 Received a 0 000, 90-a 12% sote insetmnt ot an overdue sccounts rece More In eceivable from Concord Mado an adusting entry to accrue inters on the Concord Sounds noto Made a closing ontry for interst evee 3 Mar 6 Collected the maturity walpe of te Concord Sounds note 3Loaned $14 cash to Providence Music receving a Dec 1 Utica Music dishonored is sote at matunty 1 Wote ofthe recevable assocated with ??ca Mac (Use the alosasce method ) Choose from any list or erer any number in the inpuit felds and then dick Cheok Answer pats Clear A Check Answer O Type here to searh

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Dec 6 Notes receivable 8000 Account receivable 8000 (To record notes receivable) Dec 31 Interest receivable (8000*6%*25/365) 33 Interest revenue 33 (to record accured interest) Dec 31 Interest revenue 33 Income summary 33 (To close interest revenue) Mar 6 Cash (8000*6%*90/365+8000) 8118 Notes receivable 8000 Interest receivable 33 Interest revenue 85 (To record maturity value) June 30 Notes receivable 12000 Cash 12000 (To record loan given) Oct 2 Notes receivable 3000 Sales revenue 3000 (To record sales) dec 1 Account receivable (3000*10%*60/365)+3000 3049 Notes receivable 3000 Interest revenue 49 (To record note dishonoured) Dec 1 Allowance for doubtful accounts 3049 Account receivable 3049 (To record write off) Dec 30 Cash (12000*10%*6/12)+12000 12600 Notes receivable 12000 Interest revenue 600 (To record collection of note)

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