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Entries for receipt and dishonor of notes receivable Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Assume
Entries for receipt and dishonor of notes receivable Journalize the following transactions in the accounts of Missouri Gaming Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. When required, round your final answers to the two decimal places.
March 29 | Received a $36,000, 60-day, 10% note dated March 29 from Karie Platt on account. | |
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April 30. | Received a $32,100, 60-day, 6% note dated April 30 from Jon Kelly on account. | |
May 28. | The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest. | |
June 29. | The note dated April 30 from Jon Kelly is dishonored, and the customer's account is charged for the note, including interest. | |
August 26. | Cash is received for the amount due on the dishonored note dated March 29 plus interest for 90 days at 12% on the total amount debited to Karie Platt on May 28. | |
October 22. |
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