Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries for receipt and dishonor of notes receivable Instructions Chart of Accounts Journal Instructions Mar. 29 30 Apr. May 28 June 29 Received a $68,400,

image text in transcribed
image text in transcribed
image text in transcribed
Entries for receipt and dishonor of notes receivable Instructions Chart of Accounts Journal Instructions Mar. 29 30 Apr. May 28 June 29 Received a $68,400, 60-day, 7% note dated March 29 from Karie Platt on account. Received a $38,400, 60-day, 6% 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 6% 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 3 Oct. 22 Journalize the above transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Refer to the Chart of Acc Assume a 360-day year eBook Show Me How Entries for receipt and dishonor of notes receivable Instructions Journal Chart of Accounts Chart of Accounts ASSETS REVENUE 410 Sales 110 Cash 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 111 Petty Cash 121 Accounts Receivable-Karie Platt 122 Accounts Receivable-Jon Kelly 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense LIABILITIES 536 Credit Card Expense 537 Cash Short and Over 538 Bad Det Expense 210 Accounts Payable 211 Solaries Payable 213 Sales Tax Payable 214 Interest Payable 539 Miscellaneous Expense 710 Interest Expense 215 Notes Payable Et JOURNAL ACCOUNTING EQUATION DERIT CREDIT ASSETS POST, BEF LIABILITIES DATE DESCRPTION FQUITY 1 3 1 11 11 I 14 13 Check My Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Lab Manual To Accompany Auditing IT Infrastructure For Compliance Version 2

Authors: Martin Weiss

2nd Edition

1284059189, 978-1284059182

More Books

Students also viewed these Accounting questions