Entries for receipt and dishonor of notes receivable Instructions Chart of Accounts Journal Instructions x Mar. 29 Apr. 30 May 28 June 29 Received a $30,000, 60-day, 5% note dated March 29 from Karie Platt on account. Received a $24,000 60-day, 8% note dated April 30 from Jon Kelly on account. The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest The note dated April 30 from Jon Kelly is dishonored, and the customer's account is charged for the note, including interest Cash is received for the amount due on the dishonored note dated March 29 plus interest for 90 days at 8% on the total amount debited to Karie Platt on May 28. Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. Aug 26 Oct. 22 Journalize the above transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Entries for receipt and dishonor of notes receivable Instructions Chart of Accounts Journal Instructions Mar. 29 Received a $30,000, 60-day, 5% note dated March 29 from Karie Platt on account. Apr. 30 May 28 Received a $24,000 60-day, 8% note dated April 30 from Jon Kelly on account. The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest. The note dated April 30 from Jon Kelly is dishonored, and the customer's account is charged for the note, including interest. June 29 Aug 26 Cash is received for the amount due on the dishonored note dated March 29 plus interest for 90 days at 8% on the total amount debited to Karie Platt on May 28. Oct. 22 Wrote off against the allowance account the amount charged to Jon Kelly on June 29 for the dishonored note dated April 30. Chart of Accounts ASSIS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable-Karie Platt 122 Accounts Receivable-Jon Kelly EXPENSES 129 Allowance for Doubtful Accounts 510 Cost of Merchandise Sold 131 Interest Receivable 520 Sales Salaries Expense 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 533 Insurance Expense 194 Accumulated Depreciation Office Equipment 534 Office Supplies Expense 535 Store Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 537 Cash Short and Over 211 Salaries Payable 538 Bad Debt Expense 213 Sales Tax Payable 539 Miscellaneous Expense 710 Interest Expense 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journal Journalize the above transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. PAGE 1 JOURNAL DATE DESCRIPTION ACCOUNTING FOLLATION ASSETS LIABILITIES EQUITY POST. REF. DEBIT CREDIT 1 2 4 5 6 7 8 9 10 11 12 13 14 15
