Consider the following transactions for Jo Jo Music.
2011
Dec 6 Received a $7,000, 90-day, 12% note on account from Dark Star Music.
31 Made an adjusting entry to accrue interest on the Dark Star Music note.
31 Made a closing entry for interest revenue.
2012
Mar 4 Collected the maturity value of the Dark Star Music note.
Jun 30 Loaned $11,000 cash to Love Joy Music, receiving a six-month, 11% note.
Oct 2 Received a $2,400, 60-day, 11% note for a sale to Voice Publishing. Ignore cost of goods sold.
Dec 1 Voice Publishing dishonored its note at maturity; wrote off the note as uncollectible, debiting Allowance for uncollectible accounts.
30 Collected the maturity value of the Love Joy Music note.
Requirement
1. Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day year.)