Question

204-03 mework: Homework Chapter 8 red of 50 pts 3-33A (similar to) HW Score: 9.09%, 1 7 of 7 (1 complete) Question Consider the following transactions for Rural Beginnings l e icon to view the transactions) Jouma t o rs for Run Beginnings. Round from pumalotes) a llwars to the nearest whole dolar Record debits first, then credits. Exclude exp amounts to the nearest dollar (For nobes stated in days use a 365-day year. Rod W Det & Received a $30.000, 90-day, 12% not in selement of an overdue accounts receivable from AM Publishing Debit Credit More Info 2011 2013 Deco Received a $30,000,-day, 12 intent of an overdue accounts cevable from AM Publishing 31 Made an adjusting entry to run interest on the AM Publishing note 31 Made a dosing entry for interest revenue Mar 6 Collected the maturity value of the AM Publishing note Jun 30 Lowed $11.000 cash to Oppies Publishing receiving a month, 10% note Oct 2 Received a $10,000, 60-day, 14% note for a sale to Taconic Music.Ignore Cost of Goods Sold Dec. 1 Taconi Mushonored to a maturity 1 Wrote of the receivable s tad with Taconic Music (Use the allowance 30 Collected the maturity value of the Oople's Publishing note Print Dono Choose from any worry numb os and then click Check Awet Check Antwer

Answer 1

Journal entry

Date	General journal	Debit	Credit
Dec 6	Notes receivable	30000
	Account receivable		30000
Dec 31	Interest receivable (30000*12%*25/360)	250
	Interest revenue		250
Dec 31	Interest revenue	250
	Income summary		250
Mar 6	Cash	30900
	Notes receivable		30000
	Interest receivable		250
	Interest revenue		650
June 30	Notes receivable	11000
	Cash		11000
Oct 2	Notes receivable	10000
	Sales revenue		10000
Dec 1	Account receivable	10233
	Notes receivable		10000
	Interest revenue (10000*14%*60/360)		233
Dec 1	Allowance for doubtful account	10233
	Account receivable		10233
Dec 30	Cash	11770
	Notes receivable		11000
	Interest revenue (11000*14%*6/12)		770