Reference no: EM132946367
Question - Consider the following transactions for Rural Beginnings.
2019
Dec 6 Received a $4,000, 90-day, 9% note on account from AM Publishing.
Dec 31 Made an adjusting entry to accrue interest on the AM Publishing note.
Dec 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.
Dec 30 Collected the maturity value of the Johnathon's Publishing note.
Required - Journalize all transactions for Rural Beginnings. Round all amounts to the nearest dollar.
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