P7-47A (similar to) Record the following transactions in the journal of Jo Jo Mu

Question

P7-47A (similar to) Record the following transactions in the journal of Jo Jo Music, Inc. Explanations are not required Use a 360-day year for interest computa (Click the icon to view the transactions.) Record debits first, then credits. Exclude explanations from any jourmal entries.) Dec 16 Received a S3.000, 90-day, 8% note on account from Jazz Music Journal Entry Accounts Date Debit Credit Dec 16,2015 Dec Received a S3 000 90-day, 8% note on account from Jazz Music. 16 31 Made an adjusting entry to accrue interest on Jazz Music note. Mar Jun Oct 15 1 31 Collected the maturity value of Jazz Music note Loaned $4,000 cash to Lincoln Music receiving a six-month, 7% note. Received a S2.000. 90-day. 1 1% note from Mark Phillips on its past-due account receivable Collected the maturity value of the Lincoln Music note Make an adjusting entry to accrue interest on the Mark Phillips note. Dec Dec 1 31 Choose from am parts Print Done Search Wi

Explanation / Answer

Journal entries Under Periodic Inventory System Date Accounts title and explanations Debit $ Credit $ Dec 16 2015 Notes receivable Dr. 3000      Accounts receivable 3000 Dec31 2015 Interest receivable Dr. 10    Interest Revenue (3000*8%*15/360) 10 Mar 15 2016 Cash Account Dr. 3060    Notes receivable 3000     Interest receivable 10     Interest revenue (3000*8%*75/360) 50 June 1 2016 Notes receivable Dr. 4000      Cash Account 4000 Oct 31 2016 Notes receivable Dr. 2000       Accounts receivable 2000 Dec 1 2016 Cash Account Dr. 4140      Notes receivable 4000      Interest revenue (4000*7%*6/12) 140 DEc31 2016 Interest receivable Dr. 37.28      Interest revenue (2000*11%*61/360) 37.28

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