Question
Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume
Entries for Receipt and Dishonor of Notes Receivable
Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary.
Apr. 18. | Received a $57,600, 60-day, 8% note dated April 18 from Glenn Cross on account. |
30. | Received a $17,700, 60-day, 6% 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 12% 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. |
Apr. 18 | Accounts Receivable-Glenn CrossAllowance for Doubtful AccountsBad Debt ExpenseNotes PayableNotes ReceivableNotes Receivable | Notes Receivable | Notes Receivable |
Accounts Receivable-Glenn CrossAllowance for Doubtful AccountsBad Debt ExpenseNotes PayableNotes ReceivableAccounts Receivable-Glenn Cross | Accounts Receivable-Glenn Cross | Accounts Receivable-Glenn Cross | |
Apr. 30 | Accounts Receivable-Rhoni MelvilleAllowance for Doubtful AccountsInterest ReceivableNotes PayableNotes ReceivableNotes Receivable | Notes Receivable | Notes Receivable |
Accounts Receivable-Rhoni MelvilleAllowance for Doubtful AccountsInterest ReceivableNotes PayableNotes ReceivableAccounts Receivable-Rhoni Melville | Accounts Receivable-Rhoni Melville | Accounts Receivable-Rhoni Melville | |
May 18 | Accounts Payable-Glenn CrossAccounts Receivable-Glenn CrossInterest PayableInterest ReceivableNotes ReceivableAccounts Receivable-Glenn Cross | Accounts Receivable-Glenn Cross | Accounts Receivable-Glenn Cross |
Accounts Payable-Glenn CrossAccounts Receivable-Glenn CrossInterest PayableInterest ReceivableNotes ReceivableNotes Receivable | Notes Receivable | Notes Receivable | |
Accounts Payable-Glenn CrossAccounts Receivable-Glenn CrossInterest PayableInterest ReceivableInterest RevenueInterest Revenue | Interest Revenue | Interest Revenue | |
June 29 | Accounts Receivable-Rhoni MelvilleAllowance for Doubtful AccountsInterest ReceivableInterest RevenueNotes ReceivableAccounts Receivable-Rhoni Melville | Accounts Receivable-Rhoni Melville | Accounts Receivable-Rhoni Melville |
Accounts Receivable-Rhoni MelvilleBad Debt ExpenseCashInterest ReceivableNotes ReceivableNotes Receivable | Notes Receivable | Notes Receivable | |
Accounts Receivable-Rhoni MelvilleAllowance for Doubtful AccountsBad Debt ExpenseInterest ExpenseInterest RevenueInterest Revenue | Interest Revenue | Interest Revenue | |
Aug. 16 | Accounts Receivable-Glenn CrossCashInterest ReceivableInterest RevenueNotes ReceivableCash | Cash | Cash |
Accounts Payable-Glenn CrossAccounts Receivable-Glenn CrossAllowance for Doubtful AccountsCashInterest ReceivableAccounts Receivable-Glenn Cross | Accounts Receivable-Glenn Cross | Accounts Receivable-Glenn Cross | |
Allowance for Doubtful AccountsBad Debt ExpenseCashInterest PayableInterest RevenueInterest Revenue | Interest Revenue | Interest Revenue | |
Oct. 22 | Accounts Payable-Rhoni MelvilleAccounts Receivable-Rhoni MelvilleAllowance for Doubtful AccountsBad Debt ExpenseInterest ReceivableAllowance for Doubtful Accounts | Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
Accounts Payable-Rhoni MelvilleAccounts Receivable-Rhoni MelvilleAllowance for Doubtful AccountsBad Debt ExpenseInterest ReceivableAccounts Receivable-Rhoni Melville | Accounts Receivable-Rhoni Melville | Accounts Receivable-Rhoni Melville |
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