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Question 1 Multi Media Ltd. completed the following transactions:     September 14, 2016: Provided services to...

Question 1

Multi Media Ltd. completed the following transactions:

  •     September 14, 2016: Provided services to Inga Corporation on account, $3,000, terms 30 days.
  •     November 1, 2016: Accepted a one-year, 12% note from Inga Corporation to settle its account.
  •     December 31, 2016: Accrued interest on the note from Inga Corporation (round to the nearest

dollar).

  •     November 1, 2017: Received amount due from Inga Corporation.
  1.    Record entries for the above transactions.
Business   Accounting   
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Answer #1

Journal entry

Date General Journal Debit Credit
Sep 14 Account receivable -Inga Corporation 3000
Service revenue 3000
Nov 1 Notes receivable-Inga Corporation 3000
Account receivable-Inga Corporation 3000
Dec 31 Interest receivable (3000*12%*2/12) 60
Interest revenue 60
Nov 1 Cash 3360
Notes receivable-Inga Corporation 3000
Interest receivable 60
Interest revenue 300
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