Accounting for notes receivable, dishonored notes, and accrued interest Revenue? Consider the…

Accounting for notes receivable, dishonored notes, and accrued interest

Revenue?

Consider the following transactions for smith’s publishing.

2016

Dec.6         received a $15,000, 90-day, 12% note in settlement of an overdue accounts

                   Receivable from jazz music.

      31        made an adjusting entry to accrue interest on the jazz music note.

      31        made a closing entry for interest revenue.

2017

Mar.6        collected the maturity value of the jazz music note.

Jun.30       loaned $11,000 cash to rs publishing, receiving a six-month, 12% note.

  Oct.2       received a $3,000, 60-day, 12% note for a sale to tusk music. Ignore cost of

                   Goods sold.

Dec.1         tusk music dishonored its note at maturity.

        1          wrote off the receivable associated with tusk music. (use the allowance method.)

      30          collected the maturity value of the rs publishing note.

                    Journalize all transactions for smith’s publishing. Round all amounts to the nearest

                   Dollar. (for notes stated in days, use a 360-day year.)

 

 

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