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Journalize notes receivable, dishonored notes, accrued interest?
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<blockquote data-quote="lalaG" data-source="post: 2553986" data-attributes="member: 418360"><p>Journalize all transactions Round to nearest dollar.</p><p></p><p>2011</p><p>Dec 6- Received a $5,000, 60 day, 9% note on account from Hey There Music</p><p> 31- Made an adjusting entry to accrue interest on the Hey There Music note</p><p> 31-Made a closing entry for interest revenue</p><p></p><p>2012</p><p>Feb 4 Collected the maturity value of the Hey There Music note</p><p>Jul 1 Loaned $15,000 cash to Pop Music, receiving a 6-month, 8% note.</p><p>Oct 2 Received a $2,000, 60 DAY, 8% NOTE FOR A SALE TO uNION mUSIC. Ignore cost of goods sold.</p><p>Dec 1 Union Music dishonored their note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible notes.</p><p>30 Collected the maturity value of the Pop music note.</p></blockquote><p></p>
[QUOTE="lalaG, post: 2553986, member: 418360"] Journalize all transactions Round to nearest dollar. 2011 Dec 6- Received a $5,000, 60 day, 9% note on account from Hey There Music 31- Made an adjusting entry to accrue interest on the Hey There Music note 31-Made a closing entry for interest revenue 2012 Feb 4 Collected the maturity value of the Hey There Music note Jul 1 Loaned $15,000 cash to Pop Music, receiving a 6-month, 8% note. Oct 2 Received a $2,000, 60 DAY, 8% NOTE FOR A SALE TO uNION mUSIC. Ignore cost of goods sold. Dec 1 Union Music dishonored their note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible notes. 30 Collected the maturity value of the Pop music note. [/QUOTE]
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