2024

Dec. 6

31

31

2025

Mar. 6

Jun. 30

Oct. 2

Dec. 1

1

30

Received a $18,000, 90-day, 6% note in settlement of an overdue accounts

receivable from Go Go Publishing.

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

Made a closing entry for interest revenue.

Collected the maturity value of the Go Go Publishing note.

Loaned $11,000 cash to Lincoln Music, receiving a six-month, 20% note.

Received a $2,400, 60-day, 20% note for a sale to Tusk Music. Ignore Cost of

Goods Sold.

Tusk Music dishonored its note at maturity.

Wrote off the receivable associated with Tusk Music. (Use the allowance

method.)

Collected the maturity value of the Lincoln Music note.

Journalize all transactions for CC Publishing. Round all amounts to the

nearest dollar.

Dec. 31, 2024 Income Summary CR $74