Entries for Receipt and Dishonor of Note Receivable Journalize the following transactions of Trapper Jon's Productions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. June 23. Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept. 21. The note is dishonored by Radon Express Co. Oct. 21. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to June 23 Notes Receivable Accounts Receivable-Radon Express Co. Sept. 21 Accounts Receivable-Radon Express Co. Notes Receivable Interest Revenue III III II II III II Oct. 21 Cash Accounts Receivable-Radon Express Co. Interest Revenue Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $780,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,510,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $25,200. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable " Allowance for Doubtful Accounts 25,200 " Bad Debt Expense " c. Determine the net realizable value of accounts receivable. $ Note Receivable Hasty and Tasty Foodservice received a 120-day, 6% note for $48,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. Feedback Check My Work The due date is the date the note is to be paid. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Cash Notes Receivable Interest Revenue