P-F:8-34A Accounting for notes receivable, dishonored notes, and accrued interest revenue (Learning.

P-F:8-34A Accounting for notes receivable, dishonored notes, and accrued interest revenue (Learning.
 P-F:8-34A Accounting for notes receivable, dishonored notes, and accrued interest revenue (Learning Objective 4) Consider the following transactions for CC Publishing. 2024 Dec. 6 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. 31 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 1 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. 30 Journalize all transactions for CC Publishing. Round all amounts to the nearest dollar. Dec. 31, 2024 Income Summary CR $74 May 16 2022 03:13 PM