Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.) (Round your final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.)

Dec. 6 Received a $ 9,000?, 90?-day, 12?%note in settlement of an overdue accounts receivable from Concord Sounds.

Dec. 31: Made an adjusting entry to accrue interest on theConcord Sounds note.

Dec 31: Made a closing entry for interest revenue.

Mar.6: Collected the maturity value of the Concord Sounds note. (Prepare a single compound journal entry.)

Jun. 30: Loaned $ 11,000 cash to Main Street Music, receiving a six-month, 12% note.

Oct. 2: Received a $ 9,000, 60-day,12% note for a sale to Salem Sounds. Ignore Cost of Goods Sold.

Dec. 1: Salem Sounds dishonored its note at maturity. (Prepare a single compound journal entry.)

Dec. 1: Wrote off the receivable associated with Salem Sounds. (Use the allowance method.)

Dec. 30: Collected the maturity value of the Main Street Music note. (Prepare a single compound journal entry.)

Please refer to Explanation

Explanation:

The following is a compound journal. I shall record the accounts that need to be debited first and then the account to be credited.

Dec 6

DR Notes Receivable - Concord Sounds $9,000

CR Accounts Receivable - Concord Sounds $9,000

(To record note received as settlement)

Dec 31

DR Interest Receivable (9,000 * 12% * ((25 days since Dec 6)/360) $ 75

CR Interest Revenue $75

(To record accrued interest)

Dec 31

DR Interest Revenue $75

CR Cash $75

(To record closing entry on interest revenue)

Mar 6

DR Cash $9,270

CR Notes Receivable - Concord Sounds $9,000

CR Interest Receivable $75

CR Interest Revenue (9,000 * 12% * 65/360) $195

(To record Collected note)

Jun 30

DR Notes Receivable - Main Street Music $11,000

CR Cash $11,000

(To record Note Received)

Oct 2

DR Notes Receivable - Salem Sounds $9,000

CR Sales Revenue - Salem Sounds $9,000

(To record Note Received)

Dec 1

DR Accounts receivable - Salem Sounds $9,180

CR Notes Receivable $9,000

CR Interest Receivable (9,000 * 12% * 60/360) $180

Dec 1

DR Allowance for Bad Debt $9,180

CR Accounts Receivable - Salem Sounds $9,180

(To record receivable written off)

Dec 30

DR Cash $11,660

CR Notes Receivable - Main street Music $11,000

CR Interest Revenue (11,000* 12% * ( 6 months / 12) ) $660

(To record collection of Note - MS)

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

answer; tech (a) is correct;