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Journalize all transactions for rural beginnings

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Reference no: EM132895937

Consider the following transactions for Rural Beginnings.

2019

Dec 6 Received a $4,000, 90-day, 9% note on account from AM Publishing.

31 Made an adjusting entry to accrue interest on the AM Publishing note.

31 Made a closing entry for interest revenue.

2020

Mar 4 Collected the maturity value of the AM Publishing note.

Jun 30 Loaned $15,000 cash to Johnathon's Publishing, receiving a six-month, 8% note.

Oct 2 Received a $2,000, 60-day, 8% note for a sale to Ying Yang Music. Ignore cost of goods sold.

Dec 1 Ying Yang Music dishonored its note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible accounts.

30 Collected the maturity value of the Johnathon's Publishing note.

Required:

Problem 1: Journalize all transactions for Rural Beginnings. Round all amounts to the nearest dollar.

Reference no: EM132895937

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