Consider the following transactions for Renschler Communication.(Click the icon to view the transactions.)Journalize all transactions for Renschler Communication. Round all amounts to the nearest dollar. (For notes stated in days, use a 365-day year. Round your final answers to the nearest whole dollar. Recorddebits first, then credits. Exclude explanations from journal entries.)Dec. 6: Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark Star Music.Date2024Dec. 6DateDec. 31: Made an adjusting entry to accrue interest on the Dark Star Music note.2024Dec. 31AccountsDateDec. 31: Made a closing entry for interest revenue.2024Dec. 31AccountsDebitAccountsDebitDebitCreditCreditCredit More info2024Dec. 6Dec. 31Dec. 312025Mar. 6Jun. 30Oct. 2Dec. 1Dec. 1Dec. 30Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark StarMusic.Made an adjusting entry to accrue interest on the Dark Star Music note.Made a closing entry for interest revenue.Collected the maturity value of the Dark Star Music note.Loaned $10,000 cash to London Sounds, receiving a six-month, 18% note.Received a $1,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold.Utica Music dishonored its note at maturity.Wrote off the receivable associated with Utica Music. (Use the allowance method.)Collected the maturity value of the London Sounds note.PrintDone- X

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark Star Music. Made an adjusting entry to accrue interest on the Dark Star Music note. Made a closing entry for interest revenue. Collected the maturity value of the Dark Star Music note. Loaned $10,000 cash to London Sounds, receiving a six-month, 18% note. Received a $1,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Utica Music dishonored its note at maturity. Wrote off the receivable associated with Utica Music. (Use the allowance method.) Collected the maturity value of the London Sounds note.

2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $2,000, 90-day, 8% note in settlement of an overdue accounts receivable from Dark Star Music. Made an adjusting entry to accrue interest on the Dark Star Music note. Made a closing entry for interest revenue. Collected the maturity value of the Dark Star Music note. Loaned $10,000 cash to London Sounds, receiving a six-month, 18% note. Received a $1,000, 60-day, 18% note for a sale to Utica Music. Ignore Cost of Goods Sold. Utica Music dishonored its note at maturity. Wrote off the receivable associated with Utica Music. (Use the allowance method.) Collected the maturity value of the London Sounds note.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
Record the following transactions in the journal of Renschler Communication, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar. A (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) Dec 16: Received a $6,000, 60-day. 12% note on account from Jazz Music. Journal Entry Date Accounts Debit Credit Dec 16, 2017 Dec 31: Made an adjusting entry to accrue interest on Jazz Music note. (Use a 360-day year for your calculation. Enter amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2017 More Info 2017 Dec 16 Received a $6,000, 60-day, 12% note on account from Jazz Music. Feb 14: Collected the maturity value of Jazz Music note. (Enter amounts to the nearest dollar.) 31 Made an adjusting entry to accrue interest on Jazz Music note. Journal Entry 2018 Feb 14 Collected the maturity value of Jazz Music note. Date Accounts Debit Credit…
On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.) a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Oct. 1 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - b. Assume that Ramos Co. signed a 6% interest-bearing note. Journalize the entries for October 1 and November 30 assuming the note was not discounted. If an amount box does not require an entry, leave it blank. Oct. 1 - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - - Select - - Select -
On August 2, Jun Company receives a $6,800, 90-day, 10.5% note from customer Ryan Albany as payment on his $6,800 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.
Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
McKoel Corporation has a three-month, $20,000, 3% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on September 1. Journalize the entry for McKoel to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate except with respect to the customer's name. When entering the customer name, enter the name exactly as it is presented in the problem data. For example: Accounts Receivable-J. Samson.) Date Accounts and Explanation Debit Credit 2024 Sep. 1
Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on his $6,100 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.)
Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Cash $ $ Notes Receivable $ $ Interest Revenue $ $
On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit Credit
A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank or enter 0. When required, round your answers to the nearest dollar. a. fill in the blank 2 fill in the blank 4 b. fill in the blank 6 fill in the blank 7 fill in the blank 9 fill in the blank 10 fill in the blank 12 fill in the blank 13