Journalize the following transactions in the accounts of Zion Theater Productions: Mar. 1. Received a $40,000, 90-day,
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Mar. 1. Received a $40,000, 90-day, 8% note dated March 1 from Gymboree Company on account.
31. Discounted the note at Security Credit Bank at 10%.
May 30. The note is dishonored by Gymboree Company; paid the bank the amount due on the note, plus a protest fee of $200.
June 29. Received the amount due on the dishonored note plus interest for 30 days at 12% on the total amount charged to Gymboree Company on May 30.
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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