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Apr. 18. Received a $51,600, 30-day, 6% note dated April 18 from Glenn Cross on account. 30. Received a $36,000, 60-day, 8% note dated April
Apr. | 18. | Received a $51,600, 30-day, 6% note dated April 18 from Glenn Cross on account. |
30. | Received a $36,000, 60-day, 8% note dated April 30 from Rhoni Melville on account. | |
May | 18. | The note dated April 18 from Glenn Cross is dishonored, and the customers account is charged for the note, including interest. |
June | 29. | The note dated April 30 from Rhoni Melville is dishonored, and the customers account is charged for the note, including interest. |
Aug. | 16. | Cash is received for the amount due on the dishonored note dated April 18 plus interest for 90 days at 8% on the total amount debited to Glenn Cross on May 18. |
Oct. | 22. | Wrote off against the allowance account the amount charged to Rhoni Melville on June 29 for the dishonored note dated April 30. |
Required:
Journalize the above transactions in the accounts of Safari Games Co., which operates a riverboat casino. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. |
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