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 the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec 31, 2017 More Info 2017 16 Received a $6,000, 60-day, 12% note on account from Jazz Music. 31 Made an adjusting entry to accrue interest on Jazz Music note. Dec . Feb 14: Collected the maturity value of Jazz Music note. (Enter amounts to the nearest dollar.) Journal Entry 2018 Feb 14 Collected the maturity value of Jazz Music note. 1 Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note. 31 Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account Date Accounts Debit Credit Jun Feb 14, 2018|| Oct receivable. Dec 1 Collected the maturity value of the Love Joy Music note. Dec 31 Make an adjusting entry to accrue interest on the Mark Phillips note. Jun 1: Loaned $8,000 cash to Love Joy Music, receiving a six-month, 11% note. Journal Entry Print Done Date Accounts Debit Credit Jun 1, 2018|| Oct 31: Received a $5,000, 90-day, 13% note from Mark Phillips on its past-due account receivable. Journal Entry Date Accounts Debit Credit Oct 31, 2018||

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...