Journalize the following transactions in the accounts of Monarch Theater Productions: Aug. 1. Received a $100,000, 90-day,

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Journalize the following transactions in the accounts of Monarch Theater Productions:

Aug. 1. Received a $100,000, 90-day, 8% note dated August 1 from Elk Horn Company on account.

Sept. 1. Discounted the note at National Credit Bank at 10%.

Oct. 30. The note is dishonored by Elk Horn Company; paid the bank the amount due on the note, plus a protest fee of $500.

Nov. 29. Received the amount due on the dishonored note plus interest for 30 days at 12% on the total amount charged to Elk Horn Company on October 30.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Jul 17, 2012 02:00 AM

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Journalize the following transactions in the accounts of Monarch Theater Productions: Aug. 1. Received a $100,000, 90-day,

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Aug 1 Notes Receivable 100000 Accounts Receivable x Elk Horn Co 1000...View the full answer

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