Click the icon to view the transactions.) Journalize all transactions forJo Jo M

Question

Click the icon to view the transactions.) Journalize all transactions forJo Jo Music. Round all amounts to the nearest dolar. (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dolar. Record debits first, then credits. Exclude explanations from journal entries.) Dec. 6: Received a $B,000, 90-day, 636 note in settlement of an overdue accounts receivable from AM Publishing. Debit Credit Date 2018 Dec. 6 Dec. 31: Made an adjusting entry to accrue interest on the AM Publishing note. Date 2018 Dec. 31 Accounts Debit Credit Dec. 31: Made a dlosing entry for interest revenue Date 2018 Dec. 31 Accounts Debit Credit

Explanation / Answer

Solution :

Journal Entries - JO JO Music Date Particulars Debit Credit 6-Dec-18 Note Receivables Dr $8,000.00                To Accounts Receivables $8,000.00 31-Dec-18 Interest receivables Dr $33.00                To Interest Revenue $33.00 31-Dec-18 Interest revenue Dr $33.00                To Income Summary $33.00 6-Mar-19 Cash Dr $8,118.00                To Note Receivables $8,000.00                To Interest Receivables $33.00                To Interest Revenue $85.00 30-Jun-19 Note Receivables Dr $15,000.00                To Cash $15,000.00 2-Oct-19 Note Receivables Dr $2,000.00                To Sales Revenue $2,000.00 1-Dec-19 Accounts receivables Dr $2,085.00                To Notes Receivables $2,000.00                To Interest Revenue $85.00 1-Dec-19 Allowance for doubtful accounts Dr $2,085.00                To Accounts Receivables $2,085.00 30-Dec-19 Cash Dr $16,200.00                To Notes Receivables $15,000.00                To Interest Revenue $1,200.00

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